MNI (WASHINGTON) - The Federal Open Market Committee (FOMC) is the monetary policy-setting body of the U.S. central bank. It meets eight times per year and is comprised of 19 members: seven Fed board governors and 12 regional Fed bank presidents. 

At any given meeting 12 of the 19 FOMC members get to vote on the monetary policy decision. Fed board governors have permanent votes on the FOMC as does the president of the New York Fed, who also serves as the FOMC’s vice chair. The remaining 11 Fed bank presidents rotate into the other four voting positions.