Mark W. Olson

Mark W. Olson (born March 17, 1943) 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.

In 1943, Mark W. Olson was born on March 17 in Fergus Falls, Minnesota.

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.

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