Kresge Foundation President and CEO Rip Rapson is one of three new appointees to the Federal Reserve Bank of Chicago’s Detroit Branch board of directors.

Rapson will serve a three-year term, beginning Jan. 1, 2016. Two other new appointees, Joseph B. Anderson, Jr., chairman and CEO of  TAG Holdings in Wixom, and Sandra E. Pierce, vice chairman of FirstMerit Corp. and chairman and CEO of FirstMerit Michigan in Southfield, were appointed to serve out unexpired terms.

The Federal Reserve Bank of Chicago is one of 12 regional reserve banks that, along with the board of governors in Washington, D.C., make up the nation’s central bank. 

The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the lower peninsula of Michigan and Iowa.  In addition to participating in the formulation of monetary policy, each reserve bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government and monitors economic conditions in its district.

Read Rip Rapson’s bio.