DEFINITION of '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.
BREAKING DOWN 'Shadow Open Market Committee - SOMC'
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.