Mark W. Olson

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Mark Olson
Member of the Federal Reserve Board of Governors
In office December 7, 2001 – June 30, 2006
President	George W. Bush
Preceded by	Alice Rivlin
Succeeded by	Janet Yellen
Personal details
Born	(1943-03-17)March 17, 1943 Fergus Falls, Minnesota, U.S.
Died	September 12, 2018(2018-09-12) (aged 75) Rockville, Maryland, U.S.[1]
Political party	Republican
Education	St. Olaf College (BA)

Mark Walter Olson (March 17, 1943 – September 12, 2018) was an American economist and bank executive who served as a member of the Federal Reserve Board of Governors 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.^[2]

Early life

Olson was born on March 17, 1943, in Fergus Falls, Minnesota.^[3]

In 1965, he received a B.A. in economics from St. Olaf College. In 2003, St. Olaf College named him a Distinguished Alumni.^[3]

Career

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.^[3]

Between 1971 and 1976, Olson served former

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.[2] In September 2005, following Hurricane Katrina, Olson dissented in a decision to raise interest rates, citing the devastation and uncertainty caused by the natural disaster.^[4]

On June 8, 2009, he announced his resignation as chairman of the PCAOB to be effective July 31, 2009, for personal reasons.^[5]

In September 2009, he became Co-Chair of Treliant Risk Advisors LLC, a compliance and strategic advisory firm for the financial services industry. He occasionally appeared on CNBC to provide insights and opinions on industry and regulatory issues.^[6]

Personal life

In 2004, Olson married Renee Korda and had two children, Ben and Stephanie.^[3]

Death

Mark Olson died on September 12, 2018, from pulmonary fibrosis in Rockville, Maryland.^[7]

References

Sources consulted

• FRB (
  Federal Reserve Board) (17 November 2004). ""Mark W. Olson" (official biography)". Members of the Board of Governors. Federal Reserve.gov. Archived from the original on 2005-02-05. – As of September 2007^[update]
  , most of the article is a minor rewrite of this source.
• FRB (
  Federal Reserve Board) (2006-06-21). ""Press Release" (announcing Olson's resignation )". Federal Reserve Releases. Federal Reserve.gov. Archived from the original
  on 2006-07-09.

External links

• Statements and Speeches of Mark Walter Olson