Federal Open Market Committee (FOMC)

The Federal Open Market Committee (FOMC) is the principal monetary policymaking body of the Federal Reserve System, charged under United States law with overseeing the nation's open market operations and setting the target federal funds rate. It is composed of twelve members, including the seven members of the Federal Reserve Board of Governors, the president of the Federal Reserve Bank of New York, and four rotating regional Reserve Bank presidents, and meets eight times per year.