#FOMCMeeting What does “FOMC” stand for? The Federal Open Market Committee, or FOMC, is the Fed’s chief body for monetary policy.

Its voting membership combines the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four other Reserve Bank presidents, who serve one-year terms on a rotating basis with the other Reserve Bank presidents.

All Reserve Bank presidents attend FOMC meetings, even when they are not designated voting members. By tradition, the Chair of the FOMC is also the Chair of the Board of Governors.