Fact Brief

Does the setting of interest rates depend solely on the Fed Chair?

No.

Twelve members of the Federal Open Market Committee (FOMC) vote in setting the target for the federal funds rate, which banks charge one another. Changes in this interest rate typically change interest rates charged to consumers.

The North Dakota News Cooperative is partnering with Gigafact to produce timely fact briefs, which are quick, evidence-based fact checks about trending claims relevant to North Dakota.

FOMC voters consist of the seven Governors of the Fed (including the Chair) who comprise the Board, and five of the twelve Presidents of the regional Federal Reserve Banks. The Chair and other members of the Board are appointed by the President with the Senate’s approval. The Regional Fed Presidents are appointed by directors of their respective regional Feds.

Votes on the target federal funds rate are typically unanimous or near unanimous. Recently, however, there have been more dissents; the eight 2025 meetings had nine dissents out of a total of ninety-five votes cast, the highest number since 2013. There were two dissents in 2024 and none in 2023.

This fact brief is responsive to conversations such as this one.

This fact brief was originally published by our Gigafact partner, Econofact.

Sources

Board of Governors of the Federal Reserve System About the FOMC
Investopedia Understanding the Fed Funds Rate How the Fed Funds Rate Is Adjusted Impact Sectors Affected FAQs The Bottom Line Federal Funds Rate: What It Is, How It's Determined, and Why It's Important
Board of Governors of the Federal Reserve System Board Members
Board of Governors of the Federal Reserve System How is a Federal Reserve Bank president selected?
Federal Reserve Bank of St. Louis A History of FOMC Dissents

Has North Dakota experienced an economic boom through fracking in the last 25 years?

Yes. North Dakota has experienced a significant economic boom tied to hydraulic fracturing and development of the Bakken Formation over the past 25 years. Advances in horizontal drilling and hydraulic fracturing beginning in the mid-to-late 2000s drove rapid growth in oil production, making North Dakota one of the nation’s

Does the North Dakota Coal Combustion Residuals program meet all federal requirements?

No. The U.S. Environmental Protection Agency has approved North Dakota’s Coal Combustion Residuals permit program to operate in place of most federal requirements under the Resource Conservation and Recovery Act. However, the approval is partial. EPA did not approve the state program for certain federal requirements, including portions

Do trees explode in extreme cold?

No. Despite recent viral social media claims, trees do not literally “explode” like bombs in extreme cold. What happens instead is a natural physical response to rapid and severe temperature drops. When temperatures plunge well below freezing, moisture and sap inside a tree’s wood can freeze. Water expands as

No.

Sources

Read next