Editing Federal Open Market Committee (section)

==Congressional oversight==
Under the Federal Reserve Act, the Chairman of the Board of Governors of the Federal Reserve System must appear before Congressional hearings at least twice per year regarding "the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy". The statute requires that the Chairman appear before the [[United States House Committee on Financial Services|House Committee on Financial Services]] in February and July of odd-numbered years, and before the [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Committee on Banking, Housing, and Urban Affairs]] in February and July of even-numbered years.<ref>See {{usc|12|225b(a)}}.</ref>

There is a very strong consensus against basing selection of committee members primarily on the candidate's political views.<ref>{{cite web | url=http://www.igmchicago.org/surveys/fed-appointments | title=Fed Appointments }}</ref>