Financial Update (First Quarter 2002)
Arrivals and Departures Shape Federal Reserve Board
he Board of Governors of the Federal Reserve System underwent a number of changes as 2001 ended and the new year began. Susan Schmidt Bies and Mark W. Olson took office in early December, and at the end of that month Edward W. Kelly Jr. stepped down. In January 2002, Laurence H. Meyer also resigned.
New to the Board
Before joining First Tennessee, Bies taught at Rhodes College and at Wayne State University. She also worked at the Federal Reserve Bank of St. Louis as chief regional and banking structure economist.
Olson fills an unexpired term ending Jan. 31, 2010. He was staff director of the securities subcommittee of the Banking, Housing, and Urban Affairs Committee for the U.S. Senate prior to his appointment. During his tenure the subcommittee held oversight hearings on implementation of key sections of the Gramm-Leach-Bliley Act.
Olson also served as a partner with Ernst & Young LLP and its predecessor, Arthur Young & Co., from 1988 to 1999. Earlier, Olson was president and chief executive officer of Security State Bank, located in Fergus Falls, Minn.
Meyer’s resignation was effective the last day of his term, Jan. 31. During his time on the Board, he served as chairman of the Committee on Supervisory and Regulatory Affairs and oversaw the Board’s regulatory implementation of the Gramm-Leach-Bliley Act. Meyer was appointed to the Board by President Clinton in 1996.
The seven members of the Board of Governors are nominated by the president and confirmed by the Senate.