FOMC stands for the Federal Open Market Committee. It is the monetary policy-making body of the Federal Reserve System in the United States. The FOMC is responsible for setting monetary policy by directing the operations of the Federal Reserve’s open market operations, which involve the buying and selling of U.S. Treasury securities to influence the availability and cost of credit in the economy. The FOMC is composed of 12 members, consisting of the seven members of the Board of Governors of the Federal Reserve System and five of the 12 Reserve Bank presidents.