The Federal Open Market Committee (FOMC) is the main monetary policymaking body of the Federal Reserve. It includes both rotating and permanent voting seats, for a total of 12. So, who votes at FOMC meetings, and how does the voting rotation work?
The Federal Reserve System is decentralized by design, with 12 Federal Reserve banks rooted in communities across America. This is so the people making decisions about monetary policy hear diverse perspectives. Although most bank presidents vote on a rotating cycle, all have a seat at the table during FOMC meetings―and they bring the voice of Main Street to the table, too.
Before FOMC meetings, bank presidents assess real-time, on-the-ground economic information. During meetings, they participate in discussions and provide their views on appropriate policy.