Financial Update - Volume 19, Number 3 - Olson Resigns Fed to Lead Pension Board

Financial Update
Vol. 19, No. 3,
Third Quarter 2006


Guynn Retiring
on Oct. 1

Booklet Imparts
Katrina's Lessons

Fed Holds Hearings on
Mortgage Practices

Atlanta Fed Conference
Spotlights Hedge Funds

New Brochure Touts
Bank Account Benefits

Birmingham Branch to
Convert to Cash Depot

Fed Reduces Exposure
to Daylight Credit

Fed Chair Speaks on
Energy Costs' Effects

Schools Gather to Discuss
Community Development

Bills Seek Tougher
Data Security

Fed Gov. Bies Addresses
Mortgage Markets

Olson Resigns Fed to
Lead Pension Board


Data Bank

Circular Letters


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Fed Governor Olson Resigns Board to Lead PCAOB

Governor Mark Olson
Olson (right) inspects the aftermath of Hurricane Katrina in 2005.
Fed Governor Mark Olson resigned June 30 as a member of the Federal Reserve Board to become chairman of the Public Company Accounting Oversight Board (PCAOB). Olson had served as a member of the Board of Governors since Dec. 7, 2001.

Fed Chairman Ben Bernanke noted that “Mark's leadership and wide experience in financial services and government were invaluable assets for the effective operation of both the Board and the Federal Reserve System during his tenure.”

The PCAOB is a private-sector, nonprofit corporation created in 2002 by the Sarbanes-Oxley Act, whose mission is to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.

Press release
PCAOB Web site

Olson joined the Board of Governors when he was appointed by President Bush to fill an unexpired term that would have ended in January 2010. During his time on the Fed Board, Olson served as its administrative governor, chairman of the Board's committee on consumer and community affairs, and as a member of both the committee on supervisory and regulatory affairs and the committee on Federal Reserve Bank affairs.