The other five members are all presidents of the FRBs, with the president of the FRB of New York being a permanent member. The others serve one year on rotation between all the banks. The FOMC is chaired by the FRS chairman with the president of the FRB of New York as the vice chairman. The money supply in the U.S. is made up from money outside the banking system or in the economy. Its three components are currency, demand deposits and time deposits.
Currency includes coins, notes, money orders and cashier's and traveller's cheques.
Demand deposits are cheques. Time deposits are savings accounts, money market accounts and certificates of deposit. Economists also consider money as M1, M2 and M3. So M3 plus Eurodollars, which are simply dollars deposited in banks outside the U.S., constitute the U.S. money supply. There are four main ways of controlling the money supply.