the federal open market committee

the federal open market committee, or the FOMC as it is more commonly known, was formally established by statute when the Fedral Reserve Act was amended in 1935. At that time, it was provided that the seven members of the Board of GOVERNORS of federal Reserve System in Washington, D.C., should be members, along with five presidents or first vice-presidents chosen form the 12 Federal Reserve Banks. It was provided by law, as amended in 1942, that the method of selection should be as follows:
One by the board of directors of Federal RESERVE Bank of new york; one by the boards of directors of the federal Reserve Bank of New YORK ; ONE BY the boards of directors of the FEDERAL Reserve Banks of Boston, Philadelphia, and Richmond; one by the boards of directors of the Federal Reserve BANKS of Cleveland and Chicago; one by the boards of directors of Federal Reserve banks of ATLANTA, DALLAS,and St.LOUIS; and one by the boards of directors of FEDERAL RESERVE BANKS of Minneapolis, Kansas city, and San Francisco.