Who are the voting members of the Federal Open Market Committee and why is this committee important? Where does the power lie within this committee?
What will be an ideal response?
The FOMC determines the monetary policy of the United States through its decisions about open market operations. It also effectively determines the discount rate and reserve requirements. The seven members of the Board of Governors, the president of the New York Fed, and four of the other eleven regional bank presidents are voting members on a rotating basis. Within the FOMC, the chairman of the Board of Governors wields the power.
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Suppose the lack of agricultural land is a key reason for the slow economic growth of Lithasia. This argument claims that:
A) geography is the fundamental cause of slow economic growth in Lithasia. B) stock of physical capital is a fundamental cause of slow economic growth in Lithasia. C) stock of human capital is a proximate cause for slow economic growth in Lithasia. D) geography is a proximate cause of slow economic growth in Lithasia.
The authority of the government to take private property for public use, given just compensation to the owner, is known as
A) search and seizure. B) eminent domain. C) authoritarian capitalism. D) internalizing an externality.
Conducting the nation's monetary policy is the duty of the
A) Department of Commerce. B) U.S. Treasury department. C) Federal Reserve System. D) Federation of Banks. E) Federal Bank Supervisor.
The total costs of federal regulation
A) encompasses only explicit costs of satisfying regulatory demands. B) also includes the explicit costs associated with regulations issued by 50 different state governments. C) encompasses only opportunity costs of satisfying regulatory demands. D) encompasses both explicit and opportunity costs of satisfying regulatory demands..