<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> <P> The FOMC also directs operations undertaken by the Federal Reserve System in foreign exchange markets, although any intervention in foreign exchange markets is coordinated with the U.S. Treasury, which has responsibility for formulating U.S. policies regarding the exchange value of the dollar . </P> <P> The Committee consists of the seven members of the Federal Reserve Board, the president of the New York Fed, and four of the other eleven regional Federal Reserve Bank presidents, serving one year terms . The Federal Open Market Committee was formed by the Banking Act of 1933 (codified at 12 U.S.C. § 263), and did not include voting rights for the Federal Reserve Board of Governors . The Banking Act of 1935 revised these protocols to include the Board of Governors and to closely resemble the present - day FOMC, and was amended in 1942 to give the current structure of twelve voting members . </P> <P> Four of the Federal Reserve Bank presidents serve one - year terms on a rotating basis . The rotating seats are filled from the following four groups of banks, one bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco . The New York President always has a voting membership . </P>

How many of the regional bank presidents are members of the fomc