The Federal Open Market Committee (FOMC), part of the Federal Reserve System, has updated its internal rules to use the terms "Chair" and "Vice Chair" instead of the gendered "Chairman" and "Vice Chairman." This change, which took effect on February 17, 2021, aims to make the language more inclusive and aligns with current practices. The alterations are part of the FOMC's uncodified regulations and do not require public notice or comment because they concern the Committee's internal procedures.
Simple Explanation
The Federal Open Market Committee (FOMC) changed the words they use in their rules to call their leaders "Chair" and "Vice Chair" instead of "Chairman" and "Vice Chairman." This change is to make their language more fair for everyone and started on February 17, 2021.