The Federal Reserve Web Site defines the committee as follows.
“The term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy.”
Fantasy Free Economics defines institutions according to how they function in real life.
In real life the Open Market Committee consists of twelve sociopaths, currently only ten, all attempting to accomplish personal agendas. Anything done in the public interest is incidental. Only sociopaths have the manipulative skills necessary to gain an appointment to such a high committee.
Who does the Open Market Committee serve? It serves those who help the members accomplish their personal agendas.
In short, the Federal Open Market Committee operates the world’s largest wealth and income redistribution engine.
Who benefits? Most benefit goes to friends of the Fed and a friend is one who supports the power hungry members in their pursuit of personal ambitions.
If the official definition provided on the Federal Reserve web Site was accurate, there would be no asset bubbles. Use the description provided by Fantasy Free Economics and everything they do makes perfect sense.