Mark W. Olson, Chairman
Mark W. Olson became Chairman of the Public Company Accounting Oversight Board on July 3, 2006. Prior to his appointment to the Board, Mr. Olson served as a member of the Federal Reserve Board of Governors and the Federal Open Market Committee since December 2001. He served as administrative governor of the Federal Reserve Board beginning in August 2002. He also served as chairman of the Board’s Committee on Consumer and Community Affairs in addition to serving on the Committee on Supervisory and Regulatory Affairs and the Committee on Federal Reserve Bank Affairs. Mr. Olson was also the Federal Reserve representative on the Neighborhood Reinvestment Corporation, which was created by the Congress to assist in revitalization of urban residential neighborhoods.
Before becoming a member of the Federal Reserve Board, Mr. Olson served as Staff Director of the Securities Subcommittee of the Senate Committee on Banking, Housing, and Urban Affairs from 2000 to 2001.The Subcommittee’s legislative jurisdiction included the Securities and Exchange Commission, accounting policy issues, and the insurance industry.
From 1988 to 1999, Mr. 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. In addition, Mr. Olson was selected to join a 1991-92 Treasury Department effort to assist Eastern European bankers in adapting to a free-market economy.
Mr. Olson began his banking career in 1966 with First Bank System (now U.S. Bancorp) and was named an officer in 1969. From 1976 to 1988, Mr. Olson was President and CEO of Security State Bank, Fergus Falls, Minnesota. Mr. Olson’s father had been the lead organizer in chartering Security State Bank in 1957. While serving as President of Security State Bank, Mr. Olson was elected President of the American Bankers Association in 1986.
Mr. Olson served former U.S. Rep. Bill Frenzel of Minnesota as Legislative Assistant for Banking Issues (1971-72) and as Director of his Minnesota District office (1974-76).
Mr. Olson was born on March 17, 1943, in Fergus Falls, Minnesota. He received a B.A. in economics in 1965 from Saint Olaf College. In 2003, Saint Olaf College named Mr. Olson a Distinguished Alumni. Mr. Olson is married and has two children.