Since 1935, the composition of the FOMC has included the seven Governors in Washington, who are appointed by the President of the United States and confirmed by the Senate, as well as the president of the New York Fed, and four other Reserve Bank presidents who serve one-year terms as members on a rotating basis.
Whether we vote or not, all Reserve Bank presidents attend the FOMC meetings, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options. The FOMC has eight regularly scheduled meetings each year to set monetary policy. The first one in 2014 was held just two weeks ago.