Mark W. Olson
Governor
Board of Governors of the Federal Reserve System

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 March 17, 1943, in Fergus Falls, Minnesota. He received a B.A. in economics in 1965 from Saint Olaf College. He was named a Distinguished Alumni of Saint Olaf College in 2003.

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 (2000-01). The Securities Subcommittee’s legislative jurisdiction included oversight of the Securities and Exchange Commission, accounting policy issues, and the insurance industry. During his tenure the subcommittee also held oversight hearings on implementation of key sections of the Gramm-Leach-Bliley Act. From 1988 to 1999, he served as a partner with Ernst & Young LLP and its predecessor, Arthur Young & Company. At Ernst and Young, Mr. Olson served as National Director of the firm’s financial services industry Regulatory Consulting Practice. In addition to regulatory issues, Mr. Olson consulted in issues of management and board corporate governance, strategic planning and management evaluation.

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. In addition to his banking responsibilities, Mr. Olson was 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 with former Congressman Bill Frenzel (R-MN) as Legislative Assistant for Banking Issues (1971-72) and as Director of his Minnesota District office (1974-76).