Final answer:
The FOMC, comprising Federal Reserve Board Governors and regional Federal Reserve Bank presidents, makes decisions on open market operations. They act largely by consensus influenced by the Fed chairman and maintain a relationship with the government, facilitating their participation in the OEHWG.
Step-by-step explanation:
The Federal Open Market Committee (FOMC) is responsible for making decisions about open market operations as part of the United States' monetary policy. The FOMC includes seven members from the Federal Reserve's Board of Governors and five voting members from the regional Federal Reserve Banks. The New York district president is a permanent voting member. The other four spots are filled on a rotating basis from the remaining eleven districts. The committee typically meets every six weeks to discuss and enact policy measures, often trying to reach decisions by consensus. The Fed's chairman holds significant influence in guiding this consensus.
While the Federal Reserve is formally independent, the people serving on the Board of Governors and the FOMC are subject to political pressures, as they regularly meet with the president and Congress, especially during the semiannual reports required by the Humphrey-Hawkins Act. This interaction ensures the FOMC considers broader governmental economic objectives while participating in the Open Economy Working Group (OEHWG), aligning its activities within the governmental economic policy framework.