Final answer:
The least important function of the Board of Governors is participating in the Federal Open Market Committee.
Step-by-step explanation:
The given statement is True.
The Federal Open Market Committee (FOMC) is a part of the Board of Governors of the Federal Reserve System. While the FOMC is responsible for making decisions regarding open market operations, it is considered the least important function of the Board of Governors as a whole.
The Board of Governors has other important responsibilities such as setting the discount rate, establishing reserve requirements, and regulating banks and consumer protection laws.