The Federal Open Market Committee (FOMC) is a key component of the Federal Reserve System, which is the central bank of the United States. The FOMC is responsible for setting monetary policy, primarily by influencing interest rates and controlling the money supply. It meets regularly to assess economic conditions and make decisions that aim to promote maximum employment and stable prices. The FOMC consists of twelve members, including seven members of the Board of Governors and five of the twelve Federal Reserve Bank presidents. Their decisions can impact various aspects of the economy, such as inflation and employment rates, making the FOMC's role crucial for economic stability.