FOMC / Rate-Setting Board

The US Federal Reserve seats a 7-member rate-setting committee, the . The chair still proposes policy. The committee has to agree. It is the Fed's institution alone: every other central bank keeps its single-governor or government-controlled model, so the Bank of England, the Bundesbank or ECB, the Bank of Japan and the rest can have their rate set or legislated by their own governments and parliaments as before. keep a passive monobank. See Central Banks for scrutiny, regimes, and the prime rate's economic effects.

Board

7 seats, chair included. Odd on purpose so majorities are clean.
Seat 1 is the chair seat.
Occupants are players, , or vacant. Vacant seats abstain.
Terms are 192 turns (4 game years), staggered so the whole board does not open at once.
The engine does not staff the board. When a governor's or the chair's term runs out, the seat falls vacant and waits for the President to nominate a successor and the Senate to confirm them. An understaffed committee simply cannot move the rate until it is filled. The chair seat is never auto-appointed either.

Nominations

The President nominates a chair or governor; the nomination appears in a Senate confirmations panel on the FOMC committee page with the nominee, the seat, whether they are a player or an NPP, the running tally and the closing time. Sitting Senators cast For, Against or Abstain there, and confirmation is decided by those votes. See Confirmation Process.

Meetings

Meetings open every 8 turns (6 per game year) when the board is due.

The chair proposes hike, cut, or hold, with a signed rate delta (0 for a hold). Player seats get a 24-hour / 24-turn window to ballot. A no-show is an abstain. NPP seats auto-vote from the same rule the autonomous chair uses, tilted hawk or dove, when the meeting opens, but the motion is not resolved until the window closes, so the chair and seated members always get their vote before it carries.

A motion passes only on a majority of the full seated board. Abstains and vacancies count against it, so the committee is biased toward holding.

Rate-change cap

Executed hikes and cuts (not holds) are capped at 16 per term. After that the board can still meet and hold.

Rate changes also obey the chair's usual cooldown and size limits; see Central Banks.

Chair selection

When the chair's term expires the seat falls vacant. The President nominates and the Senate confirms, as above; there is no draw, no lobbying pool and no machine candidate. Central banks outside the United States keep the governor-selection model described on Central Banks.