CargoAdmin, Bureaucrats, Moderators (CommentStreams), fileuploaders, Interface administrators, newuser, Push subscription managers, Suppressors, Administrators
13,588
edits
Federal Open Market Committee: Difference between revisions
no edit summary
No edit summary |
|||
| Line 1: | Line 1: | ||
{{Organization | |||
{{Organization | |||
|OrganizationName=Federal Open Market Committee | |OrganizationName=Federal Open Market Committee | ||
|OrganizationType=Independent Agencies | |OrganizationType=Independent Agencies | ||
|Mission=To oversee open market operations that influence U.S. monetary policy, aiming to promote national economic goals like price stability, high employment, and moderate long-term interest rates. The FOMC adjusts money supply primarily through buying and selling of U.S. Treasury securities to achieve these objectives. | |Mission=To oversee open market operations that influence U.S. monetary policy, aiming to promote national economic goals like price stability, high employment, and moderate long-term interest rates. The FOMC adjusts money supply primarily through buying and selling of U.S. Treasury securities to achieve these objectives. | ||
|ParentOrganization=Federal Reserve System | |ParentOrganization=Federal Reserve System | ||
|CreationLegislation=Banking Act of 1935 | |CreationLegislation=Banking Act of 1935 | ||
|HeadquartersLocation=38. | |Employees=17 | ||
|Budget=Not applicable (operates under the Federal Reserve System's budget) | |||
|OrganizationExecutive=Chairman (also the Chair of the Federal Reserve Board) | |||
|Services=Monetary policy decisions; open market operations; setting interest rates; | |||
|HeadquartersLocation=38.89477, -77.02932 | |||
|HeadquartersAddress=1200 Pennsylvania Ave, NW, Washington, DC 20460 | |HeadquartersAddress=1200 Pennsylvania Ave, NW, Washington, DC 20460 | ||
|Website=https://www.federalreserve.gov/monetarypolicy/fomc.htm | |||
}} | }} | ||
{{Short description|Chief body of the U.S. Federal Reserve System that sets national monetary policy}} | |||
The '''Federal Open Market Committee''' ('''FOMC''') is a committee within the [[Federal Reserve System]] (the Fed) that is charged under [[United States law]] with overseeing the nation's [[open market operations]] (e.g., the Fed's buying and selling of [[United States Treasury security|United States Treasury securities]]).<ref name="what is fomc">{{cite web|url=http://www.federalreserve.gov/monetarypolicy/fomc.htm|access-date=February 23, 2016|title=What is the FOMC and when does it meet?|publisher=Board of Governors of The Federal Reserve System|date=December 2015}}</ref> This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply.<ref>{{cite book | last1 = O'Sullivan | first1 = Arthur | author-link = Arthur O'Sullivan (economist) | first2 = Steven M. | last2 = Sheffrin | author-link2=Steven M. Sheffrin | title = Economics: Principles in Action | publisher = Pearson Prentice Hall | year = 2003 | location = Upper Saddle River, NJ | page = 418 | isbn = 0-13-063085-3}}</ref> Under the terms of the original [[Federal Reserve Act]], each of the Federal Reserve banks was authorized to buy and sell in the open market bonds and short term obligations of the [[United States Government]], bank acceptances, cable transfers, and bills of exchange. Hence, the reserve banks were at times bidding against each other in the open market. In 1922, an informal committee was established to execute purchases and sales. The [[Banking Act of 1933]] formed an official FOMC.<ref>{{Cite book|title=Money and Banking|publisher=American Institute of Banking|year=1940|location=New York|pages=440}}</ref> | The '''Federal Open Market Committee''' ('''FOMC''') is a committee within the [[Federal Reserve System]] (the Fed) that is charged under [[United States law]] with overseeing the nation's [[open market operations]] (e.g., the Fed's buying and selling of [[United States Treasury security|United States Treasury securities]]).<ref name="what is fomc">{{cite web|url=http://www.federalreserve.gov/monetarypolicy/fomc.htm|access-date=February 23, 2016|title=What is the FOMC and when does it meet?|publisher=Board of Governors of The Federal Reserve System|date=December 2015}}</ref> This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply.<ref>{{cite book | last1 = O'Sullivan | first1 = Arthur | author-link = Arthur O'Sullivan (economist) | first2 = Steven M. | last2 = Sheffrin | author-link2=Steven M. Sheffrin | title = Economics: Principles in Action | publisher = Pearson Prentice Hall | year = 2003 | location = Upper Saddle River, NJ | page = 418 | isbn = 0-13-063085-3}}</ref> Under the terms of the original [[Federal Reserve Act]], each of the Federal Reserve banks was authorized to buy and sell in the open market bonds and short term obligations of the [[United States Government]], bank acceptances, cable transfers, and bills of exchange. Hence, the reserve banks were at times bidding against each other in the open market. In 1922, an informal committee was established to execute purchases and sales. The [[Banking Act of 1933]] formed an official FOMC.<ref>{{Cite book|title=Money and Banking|publisher=American Institute of Banking|year=1940|location=New York|pages=440}}</ref> | ||
| Line 70: | Line 71: | ||
===Members=== | ===Members=== | ||
*[[Jerome Powell]], Board of Governors, Chairman | |||
*[[John C. Williams (economist)|John C. Williams]], New York, Vice Chairman | |||
*[[Thomas Barkin]], Richmond | |||
*[[Michael S. Barr]], Board of Governors (NB: Mr. Barr is Vice Chair of the Federal Reserve for Supervision) | |||
*[[Raphael Bostic]], Atlanta | |||
*[[Michelle Bowman]], Board of Governors (NB: Ms. Bowman occupies the Community Bank seat on the Board) | |||
*[[Lisa D. Cook]], Board of Governors | |||
*[[Mary C. Daly]], San Francisco | |||
*[[Philip Jefferson|Philip N. Jefferson]], Board of Governors (NB: Mr. Jefferson is the Vice Chairman of the Federal Reserve System, though not of the FOMC) | |||
*[[Adriana Kugler|Adriana D. Kugler]], Board of Governors | |||
*[[Beth M. Hammack]], Cleveland | |||
*[[Christopher Waller]], Board of Governors | |||
===Alternate members=== | ===Alternate members=== | ||
*[[Susan M. Collins (economist)|Susan M. Collins]], Boston | |||
*[[Austan Goolsbee]], Chicago | |||
*[[Alberto G. Musalem]], St. Louis | |||
*[[Jeffrey R. Schmid]], Kansas City | |||
*[[Sushmita Shukla]], First Vice President, New York | |||
'''Federal Reserve Bank Rotation on the FOMC'''<br />Committee membership changes at the first regularly scheduled meeting of the year. | '''Federal Reserve Bank Rotation on the FOMC'''<br /> | ||
Committee membership changes at the first regularly scheduled meeting of the year. | |||
'''2025 Members''' - New York, Chicago, Boston, St. Louis, Kansas City | '''2025 Members''' - New York, Chicago, Boston, St. Louis, Kansas City | ||