Shadow Open Market Committee - SOMC

A committee created by two university professors, from Rochester and Carnegie Mellon, in the early 1970's. The committees purpose is to evaluate the policy and actions of the FOMC.
Meeting semi-annually, the SOMC has expanded its scope to include discussions on a wider range of macroeconomic and public policies. Participants of the committee are drawn from both public and private institutions, and their opinions are reflections of only the committee itself.