A number of organizations are involved in the organization of the Olympic Games. Collectively, they are known as the Olympic Movement. The Olympic Charter outlines the rules and guidelines by which these organizations operate. At the head of the Olympic Movement is the International Olympic Commitee, or IOC. It is currently headed by Jacques Rogge. The IOC makes the important decisions, such as which city hosts the Olympics.
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If you mean political party, it is actually run by a committee rather than a party.