Mark W. Olson
Mark Walter Olson | |
|---|---|
| Born | Template:Birth date Fergus Falls, Minnesota, U.S. |
| Died | September 12, 2018 (aged 75) Rockville, Maryland, U.S. |
| Occupation(s) | Economist, banking executive |
| Known for | Member of the Federal Reserve Board of Governors (2001–2006), Chairman of the Public Company Accounting Oversight Board |
Mark Walter Olson (March 17, 1943 – September 12, 2018) was a prominent American economist and banking executive who held a position on the Federal Reserve Board of Governors from 2001 until 2006. He left his post prior to completing his term to assume leadership of the Public Company Accounting Oversight Board.
Early life
Olson was born in Fergus Falls, Minnesota and completed his undergraduate studies in economics at St. Olaf College in 1965. The institution later recognized him as a Distinguished Alumni.
Career
Olson's banking career commenced in 1966 at First Bank System (currently known as U.S. Bancorp), where he advanced to an officer role by 1969. Between 1976 and 1988, he served as President and CEO of Security State Bank, a community bank established by his father. Throughout this time, Olson was actively involved in shaping banking policies, including serving on the American Bankers Association Board and chairing its Government Relations Council. In 1986, at age 43, he became the youngest individual to be elected president of the ABA.
From 1971 through 1976, Olson worked for Republican Representative Bill Frenzel, initially as a Legislative Assistant focused on banking matters and subsequently as director of the district office.
Between 1988 and 1999, Olson was a partner at Ernst & Young LLP, where he led the Regulatory Consulting Practice within financial services. His responsibilities included advising on corporate governance, strategic planning, and management assessment. Additionally, he contributed to a U.S. Treasury program aimed at assisting Eastern European bankers in their transition to market-based economies.
Prior to joining the Federal Reserve, Olson acted as Staff Director for the U.S. Senate Securities Subcommittee from 2000 to 2001. In this capacity, he managed legislative oversight concerning the Securities and Exchange Commission, accounting standards, and insurance regulation. The subcommittee also monitored the implementation of the Gramm-Leach-Bliley Act during his tenure.
Appointed by President George W. Bush in 2001, Olson remained on the Federal Reserve Board until mid-2006. His roles included serving as an administrative governor and chairing the Committee on Consumer and Community Affairs. Notably, he opposed a rate increase in September 2005 following Hurricane Katrina due to prevailing economic uncertainties.
Olson stepped down as chairman of the PCAOB in July 2009 citing personal reasons. Afterwards, he co-led Treliant Risk Advisors LLC, a firm specializing in compliance and strategic consulting within financial services. He also frequently provided expert analysis on regulatory matters through media outlets such as CNBC.
Personal life
In 2004, Olson wed Renee Korda; the couple had two children named Ben and Stephanie.
Death
Mark Olson passed away on September 12, 2018, in Rockville, Maryland due to pulmonary fibrosis.