(a) Selection
of staff officers. At its first regularly scheduled meeting on
or after January 1 of each year, the Committee selects, from among
the officers and employees of the Board and the Federal Reserve Banks,
the following staff officers to serve until the first regularly scheduled
meeting on or after January 1 of the next following year: secretary,
deputy secretary, and one or more assistant secretaries; general counsel,
deputy general counsel, and one or more assistant general counsels;
economists, one or more of whom may be designated as senior or associate
economists or given titles reflecting their areas of particular specialization;
and such other officers as the Committee might wish from time to time.
A staff officer ceases to be an officer of the Committee if he or
she ceases to be employed by the Board or by a Federal Reserve Bank
or if the Committee selects a successor to that staff officer.
(b) Secretary and deputy and assistant
secretaries. The secretary keeps minutes of actions and records
of discussions at all meetings of the Committee; maintains a complete
record of the actions taken by the Committee upon all questions of
policy relating to open market operations; and records the votes taken
in connection with the determination of open market policies and the
reasons underlying each such action. The secretary has custody of
such minutes and records, and performs such other duties as the Committee
may require. In the absence of the secretary of the Committee, the
deputy secretary or an assistant secretary acts as secretary pro tem.
(c) Economists. The economists
prepare for the use of the Committee and present to it such information
regarding business and credit conditions and domestic and international
economic and financial developments as will assist the Committee in
the determination of open market policies, and they perform such other
duties as the Committee may require.
(d) General counsel and deputy and assistant general
counsel. The general counsel furnishes such legal advice as the
Committee may require. In the absence of the general counsel, the
deputy general counsel or an assistant general counsel acts as general
counsel pro tem.
(e) Filling of vacancies. At any meeting the Committee may fill any vacancy in the offices
described in this section.
(f) Other
staff assistance. The services of any officers and employees
of the Board and the Federal Reserve Banks are made available and
are utilized by the Committee as required.
