<P> After these reports, the Committee members and other Reserve Bank presidents turn to policy . Typically, each participant expresses his or her own views on the state of the economy and prospects for the future and on the appropriate direction for monetary policy . Then each makes a more explicit recommendation on policy for the coming intermeeting period (and for the longer run, if under consideration). </P> <P> Finally, the Committee must reach a consensus regarding the appropriate course for policy, which is incorporated in a directive to the Federal Reserve Bank of New York--the Bank that executes transactions for the System Open Market Account . The directive is cast in terms designed to provide guidance to the Manager in the conduct of day - to - day open market operations . The directive sets forth the Committee's objectives for long - run growth of certain key monetary and credit aggregates . </P> <P> It also sets forth operating guidelines for the degree of ease or restraint to be sought in reserve conditions and expectations with regard to short - term rates of growth in the monetary aggregates . Policy is implemented with emphasis on supplying reserves in a manner consistent with these objectives and with the nation's broader economic objectives . </P> <P> Under the Federal Reserve Act, the Chairman of the Board of Governors of the Federal Reserve System must appear before Congressional hearings at least twice per year regarding "the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy". The statute requires that the Chairman appear before the House Committee on Financial Services in February and July of odd - numbered years, and before the Senate Committee on Banking, Housing, and Urban Affairs in February and July of even - numbered years . </P>

Who of the following always serve on the fomc