What other entities help the Board of Governors?

There are several entities that help the Board of Governors. The Federal Open Market Committee (FOMC) is made up of the 7 members of the BoG plus 5 of the presidents of the Federal Reserve Banks. It sets the Fed’s monetary policy and directs open- market operations. There are also three Advisory Councils (made of private citizens) that meet with the BoG to give their views on banking and monetary policy