<P> The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under the United States law with overseeing the nation's open market operations (i.e., the Fed's buying and selling of United States Treasury securities). This Federal Reserve committee makes key decisions about interest rates and the growth of the United States money supply . </P> <P> The FOMC is the principal organ of United States national monetary policy . The Committee sets monetary policy by specifying the short - term objective for the Fed's open market operations, which is usually a target level for the federal funds rate (the rate that commercial banks charge between themselves for overnight loans). </P>

At any meeting of the federal open market committee that committee’s voting members consist of