Federal Open Market Committee (FOMC)• Sets and directs U.S. monetary policy

• The Seven Governors have voting authority

• Five Reserve Bank Presidents have voting authority (New York and four others on a rotating basis)

• The Seven non-voting Presidents participate fully in FOMC Meetings

• The FOMC meets eight times per year

Supervision & Regulation

The Federal Reserve supervises:

• State-chartered Depository Institutions

• Bank and financial holding companies

• International banking organizations

• Thrift Institutions

Reserve Bank’s Role in Payments• Currency and coin services (paying and receiving) to

institutions: domestically and internationally– Of 37 operations, Miami is 4th in volume behind only

LA, NY, and Chicago

• Clear more than one-third of nation’s checks

• Transfer funds electronicallythrough ACH, Fedwire

• Bank for the U.S. Treasury