Talk:Federal Open Market Committee
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[edit] Federal Funds Probability
I changed 'probability' to 'rate,' the universally used term. The link is still to the Federal Funds Rate page. Why was it called probability? —Preceding unsigned comment added by 68.100.30.146 (talk) 22:58, 17 February 2008 (UTC)
[edit] Accuracy in membership
The Reserve Bank members of the FOMC do not have to be the Presidents. Rather than explain this, which I am not sure I can, here's the relevant legislation:
- There is hereby created a Federal Open Market Committee (hereinafter referred to as the “Committee”), which shall consist of the members of the Board of Governors of the Federal Reserve System and five representatives of the Federal Reserve banks to be selected as hereinafter provided. Such representatives shall be presidents or first vice presidents of Federal Reserve banks and, beginning with the election for the term commencing March 1, 1943, shall be elected annually as follows: One by the board 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 the Federal Reserve Banks of Atlanta, Dallas, and St. Louis, and one by the boards of directors of the Federal Reserve Banks of Minneapolis, Kansas City, and San Francisco. In such elections each board of directors shall have one vote; and the details of such elections may be governed by regulations prescribed by the committee, which may be amended from time to time. An alternate to serve in the absence of each such representative shall likewise be a president or first vice president of a Federal Reserve bank and shall be elected annually in the same manner.
There's more to the paragraph, but that's the relevant part (). Given this, the tradition of one seat only going to the New York Fed and the other rotations is simply a gentleman's agreement among the banks. Can we rework this section to explain this? -James Howard (talk/web) 10:06, 24 September 2005 (UTC)
[edit] Greenspan/Bernanke
I almost changed Greenspan from chairman to former chairman, but is he still on the committee after being replaced by Ben Bernanke? Are there any other substitutions? Art LaPella 01:04, 2 February 2006 (UTC)
