Minutes of the Meeting of the Federal Open Market Committee Held on January 30-31, 2001

Federal Reserve Bulletin, May, 2001 by Donald L. Kohn

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., beginning on Tuesday, January 30, 2001, at 9:00 a.m. and continuing on Wednesday, January 31, 2001, at 9:00 a.m.

Present:
   Mr. Greenspan, Chairman
   Mr. McDonough, Vice Chairman
   Mr. Ferguson
   Mr. Gramlich
   Mr. Hoenig
   Mr. Kelley
   Mr. Meyer
   Ms. Minehan
   Mr. Moskow
   Mr. Poole

   Messrs. Jordan, McTeer, Santomero, and Stern,
       Alternate Members of the Federal Open Market
       Committee

   Messrs. Broaddus, Guynn, and Parry, Presidents of
       the Federal Reserve Banks of Richmond,
       Atlanta, and San Francisco respectively

   Mr. Kohn, Secretary and Economist
   Mr. Bernard, Deputy Secretary
   Ms. Fox, Assistant Secretary
   Mr. Gillum, Assistant Secretary
   Mr. Mattingly, General Counsel
   Mr. Baxter, Deputy General Counsel
   Ms. Johnson, Economist
   Mr. Stockton, Economist

   Ms. Cumming, Messrs. Fuhrer, Hakkio, Howard,
       Hunter, Lindsey, Rasche, Reinhart, and Slifman,
       Associate Economists

   Mr. Fisher, Manager, System Open Market Account

   Mr. Winn,(1) Assistant to the Board, Office of Board
   Members, Board of Governors

   Ms. Johnson,(2) Secretary of the Board, Office of the
       Secretary, Board of Governors

   Mr. Simpson, Senior Adviser, Division of Research
       and Statistics, Board of Governors

   Mr. Madigan, Associate Director, Division of
       Monetary Affairs, Board of Governors

   Messrs. Oliner, Struckmeyer, and Whitesell, Assistant
       Directors, Divisions of Research and Statistics,
       Research and Statistics, and Monetary Affairs
       respectively, Board of Governors

   Messrs. Morton,(1) Rosine,(1) and Sack,(1) Senior
       Economists, Divisions of International Finance,
       Research and Statistics, and Monetary Affairs
       respectively, Board of Governors

   Mr. Reifschneider,(3) Section Chief, Division of
       Research and Statistics, Board of Governors

   Ms. Garrett,(3) Economist, Division of Monetary
       Affairs, Board of Governors

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

   Mr. Lang, Executive Vice President, Federal Reserve
       Bank of Philadelphia

   Messrs. Beebe, Eisenbeis, Goodfriend, Kos,
       Ms. Krieger, Messrs. Rosenblum, and
       Sniderman, Senior Vice Presidents, Federal
       Reserve Banks of San Francisco, Atlanta,
       Richmond, New York, New York, Dallas,
       and Cleveland respectively

   Mr. Weber, Vice President, 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 the period commencing January 1, 2001, and ending December 31, 2001, had been received and that these individuals had executed their oaths of office.

The elected members and alternate members were as follows:

William J. McDonough, President of the Federal Reserve
   Bank of New York, with Jamie B. Stewart, Jr.,
   First Vice President of the Federal Reserve Bank
   of New York, as alternate

Cathy E. Minehan, President of the Federal Reserve
   Bank of Boston, with Anthony M. Santomero,
   President of the Federal Reserve Bank of
   Philadelphia, as alternate

Michael H. Moskow, President of the Federal Reserve
   Bank of Chicago, with Jerry L. Jordan, President
   of the Federal Reserve Bank of Cleveland,
   as alternate

William Poole, President of the Federal Reserve Bank
   of St. Louis, with Robert D. McTeer, Jr., President
   of the Federal Reserve Bank of Dallas, as alternate

Thomas M. Hoenig, President of the Federal Reserve Bank
   of Kansas City, with Gary H. Stern, President of the
   Federal Reserve Bank of Minneapolis, as alternate

By unanimous vote, the following officers of the Federal Open Market Committee were elected to serve until the election of their successors at the first regularly scheduled meeting of the Committee after December 31, 2001, with the understanding that in the event of the discontinuance of their official connection with the Board of Governors or with a Federal Reserve Bank, they would cease to have any official connection with the Federal Open Market Committee:

Alan Greenspan             Chairman
William J. McDonough       Vice Chairman
Donald L. Kohn             Secretary and Economist
Normand R. V. Bernard       Deputy Secretary
Lynn S. Fox and
  Gary P. Gillum           Assistant Secretaries
J. Virgil Mattingly, Jr.   General Counsel
Thomas C. Baxter, Jr.      Deputy General Counsel
Karen H. Johnson and
  David J. Stockton        Economists

Christine M. Cumming, Jeffrey C. Fuhrer, Craig S. Hakkio,
   William C. Hunter, David H. Howard, David E.
   Lindsey, Robert H. Rasche, Vincent R. Reinhart,
   and Lawrence Slifman, Associate Economists

By unanimous vote, Peter R. Fisher was selected to serve at the pleasure of the Committee as Manager, System Open Market Account, on the understanding that his selection was subject to being satisfactory to the Federal Reserve Bank of New York.