Federal Open Market Committee (FOMC) is the committee that makes decisions regarding the conduct of open market operations; composed of the seven members of the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York, and the presidents of four other Federal Reserve banks on a rotating basis.
Federal Open Market Committee (FOMC) is the composed of the members of the Federal Reserve Board and the presidents of the Federal Reserve banks, the DOMC sets money and credit policies for the Federal Reserve System and oversees the conduct of open market operations, the Federal Reserve’s chief policy tool.