The federal funds rate is the interest rate at which one bank lends money, available at the Federal Reserve, to another financial institution. It is determined by the Federal Open Market Committee (FOMC), which meets eight times per year in order to set monetary policy, review current economic conditions, determe risks to economic growth and fiscal sustainability, and adjust the federal funds rate. The FOMC comprises the seven member Fed Reserve Board of Governors, the president of the Federal Reserve Bank of New York, as well as four rotating members from the various regional Federal Reserve banks. Beginning in June of 2006, the FOMC began to lower interest rates from what was almost a five year high, at 5.25%. Since the financial crisis began however, the FOMC has continued to lower rates, finally reaching a floor of a floating rate between 0% and 0.25%.