Editing Federal Open Market Committee (section)

== Membership ==
The Committee consists of the seven members of the [[Federal Reserve Board]], the president of the [[New York Fed]], and four of the other eleven regional [[Federal Reserve Banks|Federal Reserve Bank]] presidents, serving one-year terms. The [[Chair of the Federal Reserve]] has been invariably appointed by the committee as its chair since 1935, solidifying the perception of the two roles as one.<ref>{{cite news|url=<!--https://www.bloomberg.com/news/articles/2018-12-22/fed-scholar-sees-immediate-market-chaos-if-trump-ousts-powell-->|title=Fed Scholar Expects Immediate "Market Chaos" If Trump Ousts Powell|author=Brendan Murray |newspaper=Bloomberg|date=2018-12-22}}</ref>

The Federal Open Market Committee was formed by the [[Banking Act of 1933]] (codified at {{usc|12|263}}) and did not include voting rights for the [[Federal Reserve Board of Governors]]. The [[Banking Act of 1935]] revised these protocols to include the Board of Governors and to closely resemble the present-day FOMC and was amended in 1942 to give the current structure of twelve voting members.<ref>{{cite web|url=https://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3568 |title=The Federal Reserve's Beige Book: A better mirror than crystal ball - The Beige Book: An analysis of the purpose and value of the Federal Reserve's Beige Book.|author1=Arthur J. Rolnick|author2=David E. Runkle|editor=David Fettig|publisher=Federal Reserve Bank of Minneapolis|date=March 1, 1999}}</ref>

Four of the [[Federal Reserve Banks|Federal Reserve Bank]] presidents 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. The New York President always has a voting membership.

All of the Reserve Bank presidents, even those who are not currently voting members of the FOMC, attend Committee meetings, participate in discussions, and contribute to the Committee's assessment of the economy and policy options. The Committee meets eight times a year, approximately once every six weeks.