New Year, New FOMCJanuary 14, 2014
The Federal Open Market Committee is the most often discussed branch of the Federal Reserve System lately. Responsible for open market operations, the FOMC has been the body responsible for installing, and then tapering, quantitative easing.
With the new year comes new members of the FOMC. As four regional bank presidents rotate off of the committee, four other regional bank presidents fill their seats. So who are these new FOMC members?
Federal Reserve Bank of Cleveland
President Pianalto announced her impending retirement in 2013, but until she leaves the Cleveland Fed – expected in early 2014 – she will serve as a voting member of the FOMC.
President Pianalto recently spoke at GIC’s women’s conference.
Federal Reserve Bank of Philadelphia
President Plosser has led the Philadelphia Federal Reserve since 2006. He earned his Ph.D. and MBA at the University of Chicago and previously served as dean at William E. Simon Graduate School of Business Administration.
President Plosser will speak at GIC’s upcoming event in Paris.
Federal Reserve Bank of Dallas
Known as one of the more outspoken presidents, President Fisher will bring his hawkish views to the FOMC this year.
President Fisher recently spoke at GIC’s event in Abu Dhabi.
Federal Reserve Bank of Minneapolis
Also a University of Chicago alumnus, President Kocherlakota has served as the leader of the Minneapolis Federal Reserve since 2009.
These four join the non-rotating members of the FOMC: the seven members of the Board of Governors and the president of the Federal Reserve Bank of New York. This group of 12 will hold its first policy meeting on January 28 and 29.
To learn more about the Federal Open Market Committee, visit http://www.federalreserve.gov/monetarypolicy/fomc.htm.