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San Diego County

Phone:                       619.246.6250

Fax:                           619.694.4870

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The Federal Open Market Committee (FOMC)

The 12 voting members of the FOMC are the policymakers who make key decisions affecting the cost and availability of money and credit in the economy. The panel sets, or sets targets for, short-term interest rates, which in turn affect interest rates paid by consumers and businesses on loans of all types.

Every year, the Federal Reserve rotates four of the 12 votes on its rate-setting FOMC among 11 of the 12 regional Federal Reserve Bank presidents. The 12th bank president from New York always gets a vote as do the seven members of the Fed's Board of Governors.

The heart of the FOMC's rate-setting meetings is the "go-around," in which all the Fed governors and all the bank presidents lay out their views of the economy and what they think should be done about rates. As with most groups, participants say the smartest, best-prepared and most articulate speakers, whether or not they have a vote, have an enormous sway on their colleagues.

Ben Bernanke, chairman, goes last; a custom insiders say gives him a chance to size up the mood of the group.  The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate. A full term is 14 years. All are voting members of the policymaking FOMC.

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For Mortgage Loans Contact:            Joe Toscano at 619.246.6250