Which body is more important within the Federal Reserve System the Board of Governors or the Federal Open Tarket Committee? DA. The Board of Governors since it is made up of the top 7 of the 12 Federal Reserve branch bank presidents who directly control monetary policy in their regions OB. The Federal Open Market Committee since they control reserve requirements, the discount rate and are independent of any influence from Congress OC. The Federal Open Market Committee since they are the main policy making arm of the Federal Reserve System and took over control of monetary policy from the Board of Governors during the 2007-2009 financial crisis OD. The Board of Governors since they control reserve requirements, the discount rate, and hold a majority of the seats on the Federal Open Market Committee