Why can it be argued that, while interest rate decisions are made by the FOMC, a committee, the real power of the committee lies with the Chairman of the Federal Reserve System?

What will be an ideal response?

We can begin with the Board of Governors; they work together daily and they make up the majority of the voting members of the FOMC. The committee members receive information contained in two books, the beige book and the teal book. The beige book is made available to the public; the teal book contains analysis of current economic conditions, the Fed staff's forecasts, and a set of policy options. The chairman waits for everyone else in the meeting to speak before making policy recommendations and when the Committee votes, the Chairman votes first. Dissenters to the final decision are identified but usually wait to explain their position until after the Friday following the meeting. Finally, the Board of Governors controls the Reserve Bank budgets and the salaries of their presidents. So the real power of the FOMC lies with the Chairman.