Mark Olson
Encyclopedia
Mark W. Olson was a member of the Board of Governors of the U.S.
Federal Reserve from 2001 to 2006. Filling an unexpired term to end on January 31, 2010, he resigned on June 21, 2006 in order to run the Public Company Accounting Oversight Board
.
.FRB 2004, op. cit.
In 1965, he received a B.A. in economics from St. Olaf College
. In 2003, St. Olaf College named him a Distinguished Alumni.
In 1966, Olson began his banking career with First Bank System (now U.S. Bancorp
) and was named an officer in 1969. From 1976 to 1988, he was President and CEO of Security State Bank, Fergus Falls, Minnesota. His father had been the lead organizer in chartering Security State Bank in 1957. During his years at Security State Bank, Olson was also actively involved in public policy
issues involving the banking industry. He served on the American Bankers Association
Board of Directors and as Chairman of the ABA Government Relations Council. In 1986, at age 43, he became the youngest person ever elected as President of the American Bankers Association.
Between 1971 and 1976, Olson served former Republican Representative
Bill Frenzel
of Minnesota, as Legislative Assistant for Banking Issues (1971–72), then as Director of his district office (1974–76).
From 1988 to 1999, Olson served as a partner with Ernst & Young
LLP and its predecessor, Arthur Young & Company. At Ernst and Young, he was National Director of the firm's Regulatory Consulting Practice for the financial services industry. He also consulted on issues of management and board corporate governance
, strategic planning, and management evaluation. In addition, he was selected to join a 1991–92 United States Treasury Department effort to assist Eastern European bankers in adapting to a free-market economy.
Before becoming a member of the Board, Olson served as Staff Director of the U.S. Senate Securities Subcommittee of the Banking, Housing, and Urban Affairs Committee (2000–2001). The subcommittee's legislative jurisdiction included the Securities and Exchange Commission, accounting policy issues, and the insurance industry. During Olson's tenure, the subcommittee held oversight hearings on implementation of key sections of the Gramm-Leach-Bliley Act
.
In 2001, Olson was appointed by President George W. Bush
to the Board of Governors of the Federal Reserve. He took office on December 7, 2001 to fill an unexpired term, to end on January 31, 2010. He resigned on June 21, 2006, effective June 30, 2006, in order to run the Public Company Accounting Oversight Board
.FRB 2006, op. cit.
During his time on the Board, he served as the Board's administrative governor, as Chairman of the Board's Committee on Consumer and Community Affairs, as a member of the Committee on Supervisory and Regulatory Affairs, and as a member of the Committee on Federal Reserve Bank Affairs.
, Olson is married to Renee Korda and has two children, Ben and Stephanie.
On June 8, 2009 Olson announced his resignation as chairman of the PCAOB to be effective July 31, 2009 for personal reasons.
In September of 2009, Olson became Co-Chair of Treliant Risk Advisors LLC, a compliance and strategic advisory firm for the financial services industry. He regularly appears on CNBC to provide insights and opinions on industry and regulatory issues.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
Federal Reserve from 2001 to 2006. Filling an unexpired term to end on January 31, 2010, he resigned on June 21, 2006 in order to run the Public Company Accounting Oversight Board
Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board is a private-sector, non-profit corporation created by the Sarbanes–Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest...
.
Biography
In 1943, Mark W. Olson was born on March 17 in Fergus Falls, MinnesotaFergus Falls, Minnesota
Fergus Falls is a city in and the county seat of Otter Tail County, Minnesota, United States. The population was 13,138 at the 2010 census.-Today:...
.FRB 2004, op. cit.
In 1965, he received a B.A. in economics from St. Olaf College
St. Olaf College
St. Olaf College is a coeducational, residential, four-year, private liberal arts college in Northfield, Minnesota, United States. It was founded in 1874 by a group of Norwegian-American immigrant pastors and farmers, led by Pastor Bernt Julius Muus. The college is named after Olaf II of Norway,...
. In 2003, St. Olaf College named him a Distinguished Alumni.
In 1966, Olson began his banking career with First Bank System (now U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
) and was named an officer in 1969. From 1976 to 1988, he was President and CEO of Security State Bank, Fergus Falls, Minnesota. His father had been the lead organizer in chartering Security State Bank in 1957. During his years at Security State Bank, Olson was also actively involved in public policy
Public policy
Public policy as government action is generally the principled guide to action taken by the administrative or executive branches of the state with regard to a class of issues in a manner consistent with law and institutional customs. In general, the foundation is the pertinent national and...
issues involving the banking industry. He served on the American Bankers Association
American Bankers Association
The American Bankers Association is an industry trade group and professional association representing the United States' banking industry...
Board of Directors and as Chairman of the ABA Government Relations Council. In 1986, at age 43, he became the youngest person ever elected as President of the American Bankers Association.
Between 1971 and 1976, Olson served former Republican Representative
United States House of Representatives
The United States House of Representatives is one of the two Houses of the United States Congress, the bicameral legislature which also includes the Senate.The composition and powers of the House are established in Article One of the Constitution...
Bill Frenzel
Bill Frenzel
William Eldridge "Bill" Frenzel is a former Republican Congressman from Minnesota, representing Minnesota's Third District, which included the southern and western suburbs of Minneapolis.- Early life and career :...
of Minnesota, as Legislative Assistant for Banking Issues (1971–72), then as Director of his district office (1974–76).
From 1988 to 1999, Olson served as a partner with Ernst & Young
Ernst & Young
Ernst & Young is one of the largest professional services networks in the world and one of the "Big Four" accountancy firms, along with Deloitte, KPMG and PricewaterhouseCoopers ....
LLP and its predecessor, Arthur Young & Company. At Ernst and Young, he was National Director of the firm's Regulatory Consulting Practice for the financial services industry. He also consulted on issues of management and board corporate governance
Corporate governance
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled...
, strategic planning, and management evaluation. In addition, he was selected to join a 1991–92 United States Treasury Department effort to assist Eastern European bankers in adapting to a free-market economy.
Before becoming a member of the Board, Olson served as Staff Director of the U.S. Senate Securities Subcommittee of the Banking, Housing, and Urban Affairs Committee (2000–2001). The subcommittee's legislative jurisdiction included the Securities and Exchange Commission, accounting policy issues, and the insurance industry. During Olson's tenure, the subcommittee held oversight hearings on implementation of key sections of the Gramm-Leach-Bliley Act
Gramm-Leach-Bliley Act
The Gramm–Leach–Bliley Act , also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress...
.
In 2001, Olson was appointed by President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
to the Board of Governors of the Federal Reserve. He took office on December 7, 2001 to fill an unexpired term, to end on January 31, 2010. He resigned on June 21, 2006, effective June 30, 2006, in order to run the Public Company Accounting Oversight Board
Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board is a private-sector, non-profit corporation created by the Sarbanes–Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest...
.FRB 2006, op. cit.
During his time on the Board, he served as the Board's administrative governor, as Chairman of the Board's Committee on Consumer and Community Affairs, as a member of the Committee on Supervisory and Regulatory Affairs, and as a member of the Committee on Federal Reserve Bank Affairs.
, Olson is married to Renee Korda and has two children, Ben and Stephanie.
On June 8, 2009 Olson announced his resignation as chairman of the PCAOB to be effective July 31, 2009 for personal reasons.
In September of 2009, Olson became Co-Chair of Treliant Risk Advisors LLC, a compliance and strategic advisory firm for the financial services industry. He regularly appears on CNBC to provide insights and opinions on industry and regulatory issues.