A Federal Reserve committee charged with setting the federal funds rate as well as managing open market operations such as the buying and selling of government securities. If the U.S. Treasury secretary decides to intervene in the foreign currency market by buying or selling foreign currency, the FOMC carries out the transaction. The Federal Reserve and U.S. Treasury coordinate on policy. The FOMC holds day-long meetings eight times a year. However two of those meetings, usually in January or February and June or July, are two-day meetings. During the two day meetings, the FOMC develops the Federal Reserve BoardÂ’s semiannual monetary policy report delivered to Congress.