The Federal Open Market Committee (FOMC) is the group inside the US Federal Reserve that votes on the central bank's interest-rate decision. Twelve people vote. Seven are governors of the Federal Reserve Board in Washington. One is the president of the Federal Reserve Bank of New York, one of the Fed's twelve regional banks. Four are presidents of the other regional Reserve Banks, who take turns. The FOMC sets a target range for the Fed Funds Rate, the rate banks charge each other for overnight loans.
Votes are not always unanimous. The Fed's statement of 10 December 2025 shows the FOMC voting 9 to 3 to lower the target range by 1/4 percentage point. One member wanted a cut of 1/2 point, while two wanted no change.
What is the FOMC? The Federal Open Market Committee is the Federal Reserve's interest-rate committee. It has twelve voting members: the seven Board governors, the president of the New York Fed and four presidents of other regional Reserve Banks, who rotate.
New York's seat never rotates. The other four voting seats pass between the regional Banks in four fixed groups. The voters change at the first meeting of each year.
With every seat filled, 19 participants attend and speak, including the 7 Reserve Bank presidents who do not vote.
A member who votes against the decision is recorded by name in the Fed's statement, with the alternative that member preferred.
What does the FOMC decide?
The FOMC, which the Fed also calls the Committee, decides the stance of monetary policy. Its main tool is the target range for the Fed Funds Rate. Section 2A of the Federal Reserve Act tells the Board and the Committee to promote the goals of "maximum employment", "stable prices" and "moderate long-term interest rates".
At each meeting the Committee votes on a directive to the trading desk at the Federal Reserve Bank of New York. The desk buys and sells securities to keep the Fed Funds Rate inside the target range. The Committee also approves the policy statement released after the meeting.
The Board of Governors, not the Committee, votes on the rates the Fed pays banks on their reserves and charges on its own loans. The guide to what the Fed does covers the wider job. How the Fed sets rates covers the mechanics. The Taylor rule guide compares the resulting rate with a formula.
In October 2026 the Fed's website said the Committee holds eight regularly scheduled meetings a year, about one every six weeks. The Federal Reserve Act requires at least four. The dates are in the FOMC meeting schedule. The minutes follow three weeks after each regular meeting.
Who are the twelve voting members?
Section 12A of the Federal Reserve Act says the Committee "shall consist of the members of the Board of Governors of the Federal Reserve System and five representatives of the Federal Reserve banks". Those five are the New York president plus four others.
The Board's chairman chairs the Committee. The New York president is its Vice Chair.
The membership changed during 2026. Jerome Powell chaired the Board at the January, March and April meetings. Stephen Miran voted in those meetings. The June minutes list Kevin Warsh as Chairman, with Powell still a governor and Miran no longer voting.
The table shows the voters listed on the Federal Reserve Board's website on 14 October 2026. The names change over time. The structure does not.
Seats | Voting members listed on 14 October 2026 |
|---|---|
Board of Governors (7) | Kevin Warsh (Chair), Michael S. Barr, Michelle W. Bowman, Lisa D. Cook, Philip N. Jefferson, Jerome H. Powell, Christopher J. Waller |
New York (1) | John C. Williams (Vice Chair) |
Rotating presidents (4) | Beth M. Hammack (Cleveland), Neel Kashkari (Minneapolis), Lorie K. Logan (Dallas), Anna Paulson (Philadelphia) |
Source: Federal Reserve Board, Federal Open Market Committee page
The chart counts every seat. The 7 governors, the New York president and the 4 rotating presidents hold the 12 votes. The other 7 presidents attend without a vote.
How does the voting rotation work?
The Act splits the eleven other Reserve Banks into four groups. Each year one Bank in each group holds a voting seat, elected by the boards of directors of the Banks in that group.
The groups are Boston, Philadelphia and Richmond; Cleveland and Chicago; Atlanta, St. Louis and Dallas; and Minneapolis, Kansas City and San Francisco.
The Fed's published schedule shows the pattern. A group of three Banks passes the seat round every three years. In the chart, Philadelphia, Richmond and Boston share the first group's seat in turn. The group of two alternates every year.
The Federal Reserve Board says the membership changes at the first regularly scheduled meeting of the year.
Source: Federal Reserve Board, Federal Open Market Committee page
The Fed rolls its schedule forward each January. It publishes three future years. The chart takes 2027 to 2029 from that schedule.
The 2026 column comes from the list of current members on the same page. The pattern repeats, so the chart can be extended by the rule.
The 2026 voters, the years in the chart and the dissent counts below are dated to October 2026.
Who attends but does not vote?
All the Reserve Bank presidents attend. The Federal Reserve Board says those without a vote "participate in the discussions" and contribute to the assessment of the economy and policy options.
With every seat filled, 7 governors and 12 presidents make 19 participants, the term the minutes use for all who take part. Participants also submit economic projections four times a year, in March, June, September and December.
How is a dissent recorded? The record since 1999
A dissent is a vote against the Committee's decision. The Fed's statement ends by listing who voted for the action and who voted against. Each person voting against is named, with the alternative that person preferred.
The 10 December 2025 statement shows how this reads. Nine members voted for a cut of 1/4 point. One voted against because that member preferred 1/2 point.
Two more voted against because they preferred no change. Dissents can pull in opposite directions.
The law asks for a record. Section 10 of the Federal Reserve Act says the Board shall record "the votes taken" and "the reasons underlying the action". The minutes repeat the vote list.
Source: Federal Reserve Board, FOMC minutes
The chart counts the votes against the policy decision in 222 sets of minutes, from the 2 to 3 February 1999 meeting to September 2026. Some sets also cover an unscheduled meeting or call.
The minutes record 113 such votes, at 82 of the sets. Five years had none: 2000, 2004, 2018, 2021 and 2023.
The highest full-year counts were 9, in 2013 and 2025. The 2026 count already exceeds that at 10, across six sets.
The FOMC is a committee of twelve votes: seven governors, the New York president and four rotating presidents. Nineteen people sit at the table. Every vote against a decision is recorded by name.
Common questions about the FOMC
Who votes on interest rates in the US?
Twelve members of the Federal Open Market Committee vote on the Fed Funds Rate target. They are the seven Federal Reserve Board governors, the president of the Federal Reserve Bank of New York and four of the other eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The Board chairman chairs the Committee.
How many members does the FOMC have?
The FOMC has twelve voting members. Nineteen people take part in its meetings when every seat is filled, because all twelve Reserve Bank presidents attend and speak, along with the seven governors. The seven presidents without a vote contribute to the discussion but do not vote on the decision.
How often does the FOMC meet?
In October 2026 the Fed's website said the FOMC schedules eight meetings a year, about one every six weeks. The Federal Reserve Act requires at least four. The Committee can also hold unscheduled meetings when needed. The FOMC meeting schedule lists the dates. The minutes follow three weeks after each regular meeting.
What happens when someone dissents at an FOMC meeting?
A dissent is recorded in the Fed's statement. The statement names each member who voted against and says which alternative that member preferred, such as a larger cut or no change. The minutes list the votes too.
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