STRUCTURE OF THE FOMC

The Federal Open Market Committee (FOMC) consists of twelve members–the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.

Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options.

The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.

MEETINGS AND PROCEEDINGS OF THE FOMC

Press Releases

The FOMC holds eight regularly scheduled meetings during the year, and other meetings as needed. Links to press releases issued after FOMC meetings since the beginning of 1996 are in the calendars below.

Minutes

The Committee unanimously decided to expedite the release of its minutes. The minutes of regularly scheduled meetings will be released three weeks after the date of the policy decision. The first set of expedited minutes were released at 2 p.m. EST on January 4, 2005.

Transcripts

Procedures adopted by the FOMC provide for the public release of transcripts for an entire year of meetings with a five-year lag.

FOIA Report

The FOMC makes an annual report pursuant to the Freedom of Information Act.