<P> The Committee consists of the seven members of the Federal Reserve Board , the president of the New York Fed , and four of the other eleven regional Federal Reserve Bank presidents , serving one year terms . The Federal Open Market Committee was formed by the Banking Act of 1933 ( codified at 12 U.S.C. § 263 ) , and did not include voting rights for the Federal Reserve Board of Governors . The Banking Act of 1935 revised these protocols to include the Board of Governors and to closely resemble the present - day FOMC , and was amended in 1942 to give the current structure of twelve voting members . </P>
how many of the regional bank presidents are members of the fomc
four of the other eleven