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Members are selected to terms of 14 years with the ability to serve for no more than one term. The Federal Open Market Committee comprises the seven members of the board of governors and five representatives selected from the Federal Reserve Banks. The president of the Federal Reserve Bank of New York is a permanent member, while the rest of the banks rotate on a yearly basis. The role of the Federal Open Market Committee, commonly known as the FOMC, is to formulate the nation's monetary policy. "The term "monetary policy" refers to what the Federal Reserve, the nation's central bank, does to influence the amount of money and credit in the U...
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