The FOMC, or Federal Open Market Committee, is the twelve-member policymaking body of the U.S. Federal Reserve. Open market operations involve the use of treasury securities to finance the debt of the Federal government of the United States. The FOMC also determines the growth rate of the country's money supply.
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Fast Facts
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Established by the Federal Reserve Act of 1913
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Holds eight regularly scheduled meetings throughout the year
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Law requires committee to meet at least four times per year in Washington, DC
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Controls open market operations, discount rate and reserve requirements
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Includes seven members of the Board of Governors and five of 12 Federal Reserve Bank presidents
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Statements regarding policy decisions are released just after 2 p.m. after the end of every meeting
