Federal Open Market Committee

The Federal Open Market Committee, often referred to as the FOMC, is the committee within the Federal Reserve System that votes to make monetary policy decisions about open market operations, such as those aimed at determining the level of short term interest rates. The New York Federal Reserve bank president has a vote at each meeting (as the manager of the open market portfolio), but the other regional bank presidents vote on a rotating basis. The FOMC was founded as part of the Bank Act of 1933, the Glass-Steagall Act, at the height of the Great Depression.