What is the federal reserve and what is the FOMC?​

The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that determines the direction of monetary policy specifically by directing open market operations.

The FOMC is composed of the Board of Governors, which has seven members, and five Federal Reserve Bank presidents.

The Committee has eight regularly scheduled meetings each year that are the subject of much speculation on Wall Street.

Explanation:Understanding the Federal Open Market Committee (FOMC)

The 12 members of the FOMC meet eight times a year to discuss whether there should be any changes to near-term monetary policy.1  A vote to change policy would result in either buying or selling U.S. government securities on the open market to promote the growth of the national economy.

The FOMC consists of the Board of Governors, which has seven members, and five Federal Reserve Bank presidents.1  Members of the committee are typically categorized as hawks favoring tighter monetary policies, doves who favor stimulus, or centrists/moderates, somewhere in between.

By tradition, the chairman of the FOMC is also the Chair of the Board of Governors.2  The current Chair of the Federal Reserve Board is Jerome Powell, who was sworn in on February 5, 2018.3  Powell is considered a moderate. Other members include Richard Clarida, Randall Quarles, Lael Brainard, and Michelle Bowman. The remaining two positions are vacant as of Dec. 12, 2020.4  

The vice chairman of the FOMC is also the president of the Federal Reserve Bank of New York,2  a position currently filled by John C. Williams, who took office on June 18, 2018, as the 11th president and chief executive officer of the 2nd District Federal Reserve Bank of New York.5  The president of the Federal Reserve Bank of New York serves continuously, while the presidents of the other Reserve Banks serve one-year terms on a three-year rotating schedule (except for Cleveland and Chicago, which rotate on a two-year basis)

The Federal Reserve system (Fed) is the Central Bank of United States.

The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis

a) the colonists began to see themselves as different from people in britain.

1) checks and balances- this idea is implemented in the constitution to ensure that no one branch of the federal government gains too much power. for example, the legislative branch(congress) can approve a bill that will then be sent to the executive branch (president). if the president does not like the bill or thinks that it violates the rights of citizens, he/she can veto the bill. vetoing the bill stops the bill from becoming a law. this check on power ensures that congress makes laws that do not violate the rights of citizens.

2) anti-federalists do not want to ratify the constitution unless it includes a bill of rights. the anti-federalists are worried that the constitution gives too much power to the federal government. having a strong central government caused problems when the us was still part of great britain. this is why the anti-federalists are fearful of this type of system.

3) federalists want a new constitution passed because it will fix america's weak political structure. before the us constitution is implemented, the constitution being used is known as the articles of confederation. this constitution has an extremely weak central government, allowing for disunity among the states.

can't do the whole thing, hope this