Who sits on the FOMC?
All seven members of the Board of Governors sit on the FOMC, alongside a rotational selection of four of the 11 heads of the regional Federal Reserve banks in the US.
The president of the Federal Reserve Bank of New York also has a place on the FOMC, and is a member of the Board of Governors as a de facto first among equals in the regional Federal Reserve banking system. This brings the total membership of the FOMC up to 12.
Role of the FOMC vs the Federal Reserve
Since the FOMC is a branch of the Federal Reserve, the roles of the two entities in ensuring the overall stability of the US financial system overlap. However, the most important difference to remember is that the Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, while the FOMC is responsible for open market operations.