The Federal Open Market Committee (FOMC) is the 12-member body that sets the federal funds rate — the benchmark overnight lending rate that cascades through every major borrowing cost in the U.S. economy. It consists of the seven members of the Fed's Board of Governors plus five of the 12 regional Federal Reserve Bank presidents on a rotating basis. The FOMC meets eight times per year. Its decisions are made by majority vote and are announced publicly. The Fed chair serves as FOMC chair and has significant influence over the outcome.