Final answer:
The Federal Open Market Committee (FOMC) is responsible for making decisions regarding open market operations and monetary policy. It is composed of members from the Federal Reserve's Board of Governors and regional Federal Reserve Banks. The New York district president is a permanent voting member, and the FOMC tries to reach decisions by consensus.
Step-by-step explanation:
The Federal Open Market Committee (FOMC) is responsible for making decisions regarding open market operations and monetary policy. It is composed of 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, while the other four spots are filled on a rotating basis from the other 11 districts.
The FOMC typically meets every six weeks, but can convene more frequently if necessary. It tries to reach decisions by consensus, led by the powerful role of the Federal Reserve's chairman. Open market operations have become the most commonly used tool of monetary policy for the Federal Reserve and other central banks worldwide.