The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System that is charged under United States law with overseeing the nation's open market operations. This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply. 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.
Janet Louise Yellen is an American economist serving as the 78th United States secretary of the treasury since January 26,2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first person to hold those positions having also led the White House Council of Economic Advisers and the first woman to hold either post.
George William Miller was an American businessman and investment banker who served as the 65th United States secretary of the treasury from 1979 to 1981. A member of the Democratic Party,he also served as the 11th chairman of the Federal Reserve from 1978 to 1979. Miller was the first person to hold both of those posts.
David Matthew Kennedy was an American politician and businessman. He served as the 60th U.S. Secretary of the Treasury and later as the 8th U.S. Ambassador to NATO,both under U.S. President Richard Nixon. He was Chief Executive and Chairman of the Board of Continental Illinois during the 1950s and 1960s.
The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska,Arizona,California,Hawaii,Idaho,Nevada,Oregon,Utah,and Washington—plus the Northern Mariana Islands,American Samoa,and Guam. The San Francisco Fed has branch offices in Los Angeles,Portland,Salt Lake City,and Seattle. It also has a cash processing center in Phoenix.
Ben Shalom Bernanke is an American economist who served as the 14th chairman of the Federal Reserve from 2006 to 2014. After leaving the Federal Reserve,he was appointed a distinguished fellow at the Brookings Institution. During his tenure as chairman,Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis,for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chairman,Bernanke was a tenured professor at Princeton University and chaired the Department of Economics there from 1996 to September 2002,when he went on public service leave. Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences,jointly with Douglas Diamond and Philip H. Dybvig,"for research on banks and financial crises",more specifically for his analysis of the Great Depression.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that,along with the Board of Governors in Washington,D.C.,make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks.
Kevin Maxwell Warsh is an American financier and bank executive who served as a member of the Federal Reserve Board of Governors from 2006 to 2011.
Jeffrey M. Lacker is an American economist and was president of the Federal Reserve Bank of Richmond until April 4,2017. He is now a Distinguished Professor in the Department of Economics at the Virginia Commonwealth University School of Business in Richmond,Virginia.
Alfred Hayes Jr. was an American banker and an expert in international finance. As president of the Federal Reserve Bank of New York from 1956 to 1975,Hayes was known as a conservative money manager who took a strong stand against inflation. He also had a reputation as a lightning-fast mathematician.
William Poole was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23,1998,and began serving his full term on March 1,2001. In 2007,he served as a voting member of the Federal Open Market Committee,bringing his District's perspective to policy discussions in Washington. Poole stepped down from the Fed on March 31,2008.
James Brian Bullard is the former chief executive officer and 12th president of the Federal Reserve Bank of St. Louis,a position he held from 2008 until August 14,2023. In July 2023,he was named dean of the Mitchell E. Daniels Jr. School of Business at Purdue University.
William C. Dudley is an American economist who served as the president of Federal Reserve Bank of New York from 2009 to 2018 and as vice-chairman of the Federal Open Market Committee. He was appointed to the position on January 27,2009,following the confirmation of his predecessor,Timothy F. Geithner,as United States Secretary of the Treasury.
Kenneth C. Froewiss was a Clinical Professor of Finance at the New York University Stern School of Business,and specialized investment banking,mergers and acquisitions,and corporate governance. Professor Froewiss also taught for the TRIUM Global Executive MBA Program,an alliance of NYU Stern,the London School of Economics and HEC School of Management,and served as Academic Director of Executive Programs at NYU Stern.
Sherman Joseph Maisel was an American economist who served as a member of the Federal Reserve Board of Governors from 1965 to 1972. Research on mortgage policy conducted by Maisel led to the expansion of the roles played by Fannie Mae and Ginnie Mae in encouraging the broader availability of loans to homeowners.
Heinz Robert Heller is an economost who served as a governor of the Federal Reserve System and as president of VISA U.S.A. Inc.
Loretta J. Mester is president and CEO of the Federal Reserve Bank of Cleveland.
Raphael W. Bostic is an American economist,academic,and public servant who has served as the 15th president and CEO of the Federal Reserve Bank of Atlanta since 2017. During his academic career,Bostic served as chair of the Department of Governance,Management,and the Policy Process at the Price School of Public Policy at the University of Southern California.
Mary Colleen Daly is an American economist,who became the 13th President and chief executive officer of the Federal Reserve Bank of San Francisco on October 1,2018. She serves on the Federal Reserve's rate-setting Federal Open Market Committee on a rotating basis. Previously,Daly was the Executive Vice President and Director of Research of the Federal Reserve Bank of San Francisco,which she joined as an economist in 1996.
