The voting members on the FOMC are comprised of the _____ members of the Board of Governors and _____ of the 12 FRDB Presidents

Question

BlackTom AI · Accepted Answer

The FOMC voting membership includes seven Board of Governors members and five Federal Reserve Bank presidents.

1. Relevant knowledge points and concepts
- The Federal Open Market Committee (FOMC) is the Federal Reserve System’s policy-making body for open market operations.  
- The Board of Governors is composed of seven members appointed by the President and confirmed by the Senate.  
- There are 12 Federal Reserve Banks, each with a president; however, not all presidents vote at every FOMC meeting. The New York Fed president is a permanent voting member, and four other Reserve Bank presidents serve as voting members on a rotating basis.

2. Step-by-step reasoning process
- Identify the number of Board of Governors voting members: all seven Board members have FOMC voting rights. So count = 7.  
- Identify how many Reserve Bank presidents vote at any meeting: New York Fed president (1) + four rotating presidents (4) = 5. So count of FRB presidents voting = 5.  
- Total FOMC voting members = 7 (Board) + 5 (Reserve Bank presidents) = 12.

3. Intermediate steps / calculations
- Board of Governors = 7.  
- FRB presidents voting = 1 (NY Fed) + 4 (rotating) = 5.  
- Total voting members = 7 + 5 = 12.

4. Why the correct answer is correct
- The FOMC’s statutory and institutional structure grants voting status to all seven Board members and to five Reserve Bank presidents at each meeting (NY Fed permanently + four rotating). This precisely matches the counts 7 and 5.

5. Why the other options are incorrect
- A) 12, 5: Incorrect because the Board of Governors has seven members, not 12.  
- C) 12, 7: Incorrect for the same reason; the Board is seven, and only five Reserve Bank presidents vote at a time.  
- D) 5, 7: Reversed counts; this wrongly implies only five Board members and seven FRB presidents voting.

6. Conclusion
The correct choice is B) 7, 5, which matches the provided answer.

The voting members on the FOMC are comprised of the _ members of the Board of Governors and _ of the 12 FRDB Presidents单项选择题

类似问题