AIUI, all it would take is an act of Congress to effect change on how the Federal Reserve does business — whereas changing the function of the Supreme Court is

AIUI, all it would take is an act of Congress to effect change on how the Federal Reserve does business — whereas changing the function of the Supreme Court is somewhat more constrained by the constitution. I believe "governed" is still appropriate, even though the Federal Reserve can act independently, it is only able to do so because Congress permits it.