How many votes make up the FOMC that meets eight times a year?  __________________ a8 b12 c13

Break Down the Problem

1. Identify the FOMC (Federal Open Market Committee) and its voting members.
2. Determine the total number of votes during the FOMC meetings.

Relevant Concepts

1. The FOMC is composed of the Board of Governors of the Federal Reserve System and five Federal Reserve Bank presidents.
2. There are currently seven members on the Board of Governors, but only five can vote at any one time (the other two positions are considered vacant).

Analysis and Detail

1. The FOMC has 7 members from the Board of Governors.
2. Out of the 12 Federal Reserve Bank presidents, five vote at any given meeting.

Total Voting Members

$\text{Total Voting Members} = \text{Members from the Board of Governors} + \text{Federal Reserve Bank Presidents Voting}$ Calculating this gives: $\text{Total Voting Members} = 7 + 5 = 12$

Verify and Summarize

Thus, during each of the eight annual meetings of the FOMC, there are a total of 12 votes cast.

Final Answer

The total number of votes that make up the FOMC is $\text{b) } 12$.