Did you know the Federal Open Market Committee (FOMC) is made up of 12 members – seven members of the Board of Governors and five of the 12 Reserve Bank presidents? The Chairman of the Board of Governors serves as the Chairman of the FOMC; the president of the Federal Reserve Bank of New York is a permanent member of the Committee and serves as the Vice Chairman of the Committee. The presidents of the other Reserve Banks fill the remaining four voting positions on the FOMC on a rotating basis. All of the Reserve Bank presidents, including those who are not voting members, attend FOMC meetings, participate in the discussions, and contribute to the assessment of the economy and policy options. They meet eight times each year, plus whenever it’s necessary to review financial and economic developments. See current FOMC members.