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 question asks about the composition of voting members on the FOMC.
Option A: '12, 5' would imply all 12 Board of Governors vote, plus 5 Reserve Bank presidents. This is not correct because there are only 7 governors on the FOMC and not all 12 sit on the committee.
Option B: '7, 5' aligns with the standard structure: seven members from the Board of Governors and five of the 12 Federal Reserve Bank presidents participate in voting on FOMC matters.
Option C: '12, 7' would suggest either the full Board or more presidents than exist rotate in voting, which overstates the Board’s portion and misstates how many presidents vote.
Option D: '5, 7' reverses the actual roles, implying five governors and seven bank presidents, which does not reflect the established balance of the committee.

To understand why B is correct, recall that the FOMC is designed with a fixed core of seven governors who oversee monetary policy decisions, complemented by five presidents of the Federal Reserve Banks who rotate as voting members. This arrangement ensures representation from both the Board and the regional banks without giving every governor or every president equal voting status at all times.

In short, Option B correctly states the standard voting composition: 7 Board of Governors members and 5 of the 12 FRB presidents. The other options misstate the counts or the distribution between the two groups, leading to inaccurate representations of FOMC voting structure.

BAFI 341 Money & Banking Final Spring 2025- Requires Respondus LockDown Browser

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

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