To Serve on the Federal Open Market Committee . Five of the 12 Federal Reserve Bank presidents, although the head of the Federal Reserve Bank of New York is a permanent member of the FOMC. c. percentage change in the price of a specific commodity. 12. The Federal Open Market Committee, or FOMC, is the Fed's chief body for monetary policy.Its voting membership combines the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York and four other Reserve Bank presidents, who … Inflation can be measured by the a change in the consumer price index. c. have more voting members on the FOMC than does the Board of Governors. The Federal Open Market Committee, or FOMC, is the Fed's chief body for monetary policy. § 263), and did not include voting rights for the Federal Reserve Board of Governors. September 12, 2011 . How many voting members of the FOMC are there? The Selection of Voting Members . James Bullard , St. Louis Federal Reserve President Today’s vote shows that the FOMC remains deeply divided on the state of the US economy, which continues to serve up conflicting data as geopolitical risks mount – and the stock market trades near all-time highs. I have long been troubled by the anomaly of having officials—selected with absolutely no public scrutiny or confirmation—voting on some of the most important decisions the federal government makes. b. percentage change in the consumer price index. A look at where U.S. Fed officials stand on interest rate hikes What is a reserve requirement ratio? d. 10%, so there is always money in the bank. 7 BOG, 5 regional bank presidents. Its voting membership combines the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four other Reserve Bank presidents, who serve one-year terms on a rotating basis with the other Reserve Bank presidents. Where do each of these voting members come from? 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