TF The Federal Open Market Committee FOMC is comprised of th

T/F The Federal Open Market Committee (FOMC) is comprised of the 7 members of the Board of Governors of the Federal Reserve, who can vote to change monetary policy, and the 12 Reserve Bank presidents, who can advise the Governors, but can\'t vote on proposed changes to monetary policy .

Solution

The above statement is not true.

FOMC includes total 12 members in which 7 are Board of Governors of the Federal Reserve. 4 are reserve bank governors and one member is president of the Federal Reserve Bank of New York.

All the 12 members attend the meetings but only presidents has the right to vote.