Federal Open Market Committee (FOMC)
A 12-member committee within the Federal Reserve that administers U.S. monetary policy. The committee is comprised of the seven members of the Federal Reserve Board of Governors and five of the 12 presidents of the Federal Reserve Banks. The president of the Federal Reserve Bank of New York holds a permanent seat on the FOMC, and the remaining 11 presidents sit on the committee on a one-year rotating basis. See Central Bank. On the Web at www.federalreserve.gov/fomc.