Federal Open Market Committee

[YoursTruly]

Posting this to find out how these members are selected. And if someone can find any corruption within this system and the members.

The Federal Open Market Committee, a committee within the Federal Reserve System, 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.

Members

• Jerome Powell, Board of Governors, Chairman
• John C. Williams, New York, Vice Chairman
• Michelle Bowman, Board of Governors
• Lael Brainard, Board of Governors
• Richard Clarida, Board of Governors (Note: Clarida is Vice Chairman of the Federal Reserve, not the FOMC)
• Randal K. Quarles, Board of Governors
• James Bullard, St. Louis
• Charles L. Evans, Chicago
• Esther L. George, Kansas City
• Eric Rosengren, Boston

Alternate Members

• Patrick Harker, Philadelphia
• Robert Kaplan, Dallas
• Loretta J. Mester, Cleveland
• Neel Kashkari, Minneapolis
• Michael Strine, First Vice President, New York

Gdjjr, thought you might find this interesting.

 

[Gdjjr]

I see only one from Texas- I call discrimination- LOL- I never heard of the committee but it makes sense that there would be one or something similar- as for the system being corrupt that goes without saying, IMO- a committee trying to control markets is corrupt from the outset- as far as political corruption, maybe, maybe not- their politics are their politics- they're paycheck doesn't depend on political policy or outcome of said policy- now, who their controllers are would be an interesting look see-

 

[Toddsterpatriot]

Posting this to find out how these members are selected. And if someone can find any corruption within this system and the members.

The Federal Open Market Committee, a committee within the Federal Reserve System, 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.

Members

• Jerome Powell, Board of Governors, Chairman
• John C. Williams, New York, Vice Chairman
• Michelle Bowman, Board of Governors
• Lael Brainard, Board of Governors
• Richard Clarida, Board of Governors (Note: Clarida is Vice Chairman of the Federal Reserve, not the FOMC)
• Randal K. Quarles, Board of Governors
• James Bullard, St. Louis
• Charles L. Evans, Chicago
• Esther L. George, Kansas City
• Eric Rosengren, Boston

Alternate Members

• Patrick Harker, Philadelphia
• Robert Kaplan, Dallas
• Loretta J. Mester, Cleveland
• Neel Kashkari, Minneapolis
• Michael Strine, First Vice President, New York

Gdjjr, thought you might find this interesting.

There are 12 voting members of the FOMC: the seven members of Board of Governors and the presidents of five of the 12 Federal Reserve Banks. The president of the Federal Reserve Bank of New York is a permanent voting member of the Committee, and the presidents of the other Reserve Banks serve one-year terms as voting members in a rotation that is set by law. Nine of the Reserve Bank presidents vote one year out of every three, while the presidents of the Federal Reserve Banks of Chicago and Cleveland vote in alternate years.

The Federal Reserve Bank presidents voting on the FOMC in 2008 are those from Cleveland, Dallas, Philadelphia, Minneapolis and New York, as a permanent voting member.

By tradition, the chairman of the Board of Governors serves as FOMC chairman and the president of the New York Fed as FOMC vice chairman. If a voting Federal Reserve Bank president misses an FOMC meeting, another Bank president votes in his/her place. However, if the president of the Federal Reserve Bank of New York is absent, the first vice president of the New York Fed votes instead.

The status accorded the New York Fed is in recognition of the unique role that the Bank plays in the Federal Reserve System. For example, all of the open market operations—the buying and selling of U.S. government securities in the secondary market to influence money and credit conditions in the economy—that the Federal Reserve conducts are carried out by the New York Fed. Also, when the U.S. monetary authorities, the Fed and the Treasury, decide to intervene in the foreign exchange market, it is the New York Fed that carries out the intervention.

The appointment procedures for both the members of the Board of Governors and Reserve Bank presidents are designed to minimize the influence of politics on the FOMC. Governors are appointed (by the president of the United States, with the approval of the U.S Senate) for 14-year terms—much longer than the terms of elected office holders. Moreover, the 14-year terms are staggered—one expires on January 31 in every even-numbered year—limiting the ability of a U.S. president to name a majority of the Board in a four-year presidential term. Each Reserve Bank president is appointed for a five-year term by his/her Bank's board of directors, with the approval of the Board of Governors. Six of the nine directors, in turn, are chosen, not by politicians, but by the banks that belong to the Federal Reserve System, and three are chosen by the Board.

Federal Open Market Committee - FEDERAL RESERVE BANK of NEW YORK