Ms. Kusko, 3 Senior Economist, Division of Research and Statistics, Board of Governors

Mr. Luecke, Senior Financial Analyst, Division of Monetary Affairs, Board of Governors

Mr. Driscoll, Economist, Division of Monetary Affairs, Board of Governors

Ms. Low, Open Market Secretariat Specialist, Division of Monetary Affairs, Board of Governors

Ms. Green, First Vice President, Federal Reserve Bank of Richmond

Messrs. Fuhrer and Judd, Executive Vice Presidents, Federal Reserve Banks of Boston and San Francisco, respectively

Messrs. Altig and Angulo,2 Mses. Hirtle2 and Mosser, Messrs. Peters2 and Rasche, Senior Vice Presidents, Federal Reserve Banks of Atlanta, New York, New York, New York, New York, and St. Louis, respectively

Mr. Hakkio, Senior Adviser, Federal Reserve Bank of Kansas City

Mr. Krane, Vice President, Federal Reserve Bank of Chicago

Mr. Weber, Senior Research Officer, Federal Reserve Bank of Minneapolis.

In the agenda for this meeting, it was reported that advices of the election of the following members and alternate members of the Federal Open Market Committee for a term beginning January 29, 2008 had been received and that these individuals had executed their oaths of office.

The elected members and alternate members were as follows:

Timothy F. Geithner, President of the Federal Reserve Bank of New York, with Christine M. Cumming, First Vice President of the Federal Reserve Bank of New York, as alternate.

Charles I. Plosser, President of the Federal Reserve Bank of Philadelphia, with Jeffrey M. Lacker, President of the Federal Reserve Bank of Richmond, as alternate.

Sandra Pianalto, President of the Federal Reserve Bank of Cleveland, with Charles L. Evans, President of the Federal Reserve Bank of Chicago, as alternate.

Richard W. Fisher, President of the Federal Reserve Bank of Dallas, with Dennis P. Lockhart, President of the Federal Reserve Bank of Atlanta, as alternate.

Gary H. Stern, President of the Federal Reserve Bank of Minneapolis, with Janet L. Yellen, President of the Federal Reserve Bank of San Francisco, as alternate.

By unanimous vote, the following officers of the Federal Open Market Committee were selected to serve until the selection of their successors at the first regularly scheduled meeting of the Committee in 2009: Ben S. Bernanke Chairman
Timothy F. Geithner Vice Chairman
Brian F. Madigan Secretary and Economist
Deborah J. Danker Deputy Secretary
David W. Skidmore Assistant Secretary
Michelle A. Smith Assistant Secretary
Scott G. Alvarez General Counsel
Thomas C. Baxter, Jr. Deputy General Counsel
Richard M. Ashton Assistant General Counsel
D. Nathan Sheets Economist
David J. Stockton Economist

Thomas A. Connors
William B. English
Steven B. Kamin
Loretta J. Mester
Arthur J. Rolnick
Harvey Rosenblum
Lawrence Slifman
Mark S. Sniderman
Joseph S. Tracy
David W. Wilcox Associate Economists


By unanimous vote, the Committee made a few amendments to its rules and to the Program for Security of FOMC Information. The amendments primarily addressed the Committee''s practice of approving the minutes via notation vote, attendance at Committee meetings, and access to Committee information by System employees.