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Credit Card Glossary: Terms and Definitions

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Federal Open Market Committee
The Federal Open Market Committee (FOMC) is a branch of the Federal Reserve Board that determines the direction of monetary policy for the United States. The committee consists of 12 members and holds eight regularly scheduled meetings per year. The committee is made up of the seven members of the Fed Board of Governors, the president of the Federal Reserve Bank of New York, and a rotating panel of four other regional Fed Bank presidents. Non-voting Fed bank presidents attend meetings and contribute their economic projections to FOMC statements.