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The Federal Open Market Committee comprises the seven members of the board of governors and five representatives selected from the Federal Reserve Banks. There are 12 regional Federal Reserve Banks in the United States, which were established by Congress to operate as the arms of the nation’s central banking system. They are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Lois, Minneapolis, Kansas City, Dallas and San Francisco (Federal Reserve System). The president of the Federal Reserve Bank of New York is a permanent member, while the rest of the banks rotate on a yearly basis...
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