The Federal Reserve Bank of Chicago has reappointed Michigan business leaders to its Detroit branch, including Wixom-based TAG Holdings CEO Joseph Anderson as board chair.
Anderson will serve a one-year term in the role, effective Jan. 1, according to a Friday news release.
The board of the Detroit branch is made up of seven members, three of whom are appointed by the Board of Governors in Washington, D. C., and four of which are selected by the Federal Reserve Bank of Chicago Board of Directors.
The other Detroit branch directors are: James Nicholson, co-chairman of Detroit-based PVS Chemicals Inc., whose term expires at the end of 2021 Rip Rapson, president and CEO of Troy-based Kresge Foundation, whose term is over at the end of 2021 Linda Hubbard, president and COO of Detroit-based Carhartt Inc., whose term ends at the end of 2022 The Federal Reserve Bank of Chicago is one of 12 regional reserve banks that comprise the nation’s central bank, along with the Board of Governors.
Together, they develop monetary policy, supervise member banks, provide financial services to the U. S. government and monitor economic conditions across its districts.