However, the Committee itself consists only of the governors, the president of the Federal Reserve Bank of New York and a group of four other presidents that rotates annually. Right now, that last group consists of the presidents from the Minneapolis, Philadelphia, Dallas and Chicago Federal Reserve Banks. I’ve said that the FOMC meets (at least) eight times per year.
Certainly, a sound banking system and well-functioning banking supervision are needed for that. Here, it would be irresponsible to take the second step before the first one. III. Eventually, maybe already in the near future, the direct cost of executing securities transactions will no longer hinder further integration of the financial systems.