Final answer:
The majority of the Federal Open Market Committee (FOMC) is comprised of seven members of the Federal Reserve's Board of Governors. Additionally, there are five voting members drawn from the regional Federal Reserve Banks. The FOMC is responsible for making decisions regarding open market operations.
Step-by-step explanation:
The majority of the Federal Open Market Committee (FOMC) is comprised of seven members of the Federal Reserve's Board of Governors. In addition to the Board of Governors, the FOMC also includes five voting members who are drawn, on a rotating basis, from the regional Federal Reserve Banks. The New York district president serves as a permanent voting member, and the other four voting spots are filled on a rotating annual basis from the other 11 districts.
The FOMC is responsible for making decisions regarding open market operations, which are a key tool of monetary policy. They meet regularly to discuss and reach a consensus on these decisions, although the chairman of the Federal Reserve typically plays a powerful role in shaping that consensus.