Since the Banking Act of 1935, the composition of the FOMC has included the seven Governors in Washington, D.C., the president of the New York Fed, and the presidents of four other Reserve Banks, who serve one-year terms as members on a rotating basis. These rotations ensure that all regions are represented in the formation of monetary policy.
The composition gives the Board of Governors the majority of votes. However, 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.