Mark W. Olson

Mark W. Olson took office on December 7, 2001, to fill an unexpired term as a member of the Board of Governors of the Federal Reserve System ending January 31, 2010.

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.

Before becoming a member of the Board, Mr. Olson served as Staff Director of the Securities Subcommittee of the Banking, Housing, and Urban Affairs Committee, U.S. Senate (2000-2001). The Securities Subcommittee's legislative jurisdiction included the Securities and Exchange Commission, accounting policy issues, and the insurance industry. During Mr. Olson's tenure, the subcommittee held oversight hearings on implementation of key sections of the Gramm-Leach-Bliley Act.

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. Mr. Olson also consulted on issues of management and board corporate governance, strategic planning, and management evaluation. 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. During his years at Security State Bank, Mr. 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, Mr. Olson, at age 43, became the youngest person ever elected as President of the American Bankers Association.

Mr. Olson served former Congressman Bill Frenzel (R-Minn.) as Legislative Assistant for Banking Issues (1971-72) and as Director of his Minnesota District office (1974-76).

Mr. Olson is married to Renee Korda and has two children, Ben and Stephanie.