What is FEDERAL OPEN MARKET COMMITTEE (FOMC)?

A committee with 12 people in it for monetary policy. There are 7 for the federal reserce and 5 that are federal reserve banks. Refer to central bank.

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Related Legal Terms
FEDERAL RESERVE BANKS, FEDERAL RESERVE SYSTEM, FOMC MEETING, FEDERAL RESERVE BOARD, OPEN MARKET OPERATIONS, OPEN MARKET, COMMITTEE ON PAYMENT AND SETTLEMENT SYSTEMS (CPSS), OPEN MARKET VALUE, OPEN MARKET PURCHASE, OPEN MARKET PURCHASING


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