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Federal Open Market Committee (E5) A committee of the US FEDERAL RESERVE SYSTEM which sets the policy for the use of the principal instrument of US monetary policy, OPEN MARKET OPERATIONS. The New York Federal Reserve Bank executes the policy. The committee consists of seven of the board's governors plus five of the presidents of the regional Federal Reserve Banks, one of whom is always the President of the Federal Reserve Bank of New York. It was given its statutory authority under the BANKING ACT 1933 but it had existed as an informal investment committee of the Federal Reserve Banks from 1922. During and after the Second World War until 1952, the committee had a policy of maintaining interest rates at low levels, whilst in the 1970s, a policy of attempting to achieve target rates of growth for monetary aggregates.
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job destruction (J6)<br />Reduction in the labour force of a firm, industry, region or country. Declining markets and technical change are the principal determinants of these job losses.
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<strong>American College Testing (ACT, Inc.)</strong> – An independent not-for-profit organization that provides assessment, research, information, and program management services in the areas of educational testing and planning, career planning, and workforce development.
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