Mark W. Olson facts for kids
Quick facts for kids
Mark Olson
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| Member of the Federal Reserve Board of Governors | |
| In office December 7, 2001 – June 30, 2006 |
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| President | George W. Bush |
| Preceded by | Alice Rivlin |
| Succeeded by | Janet Yellen |
| Personal details | |
| Born | March 17, 1943 Fergus Falls, Minnesota, U.S. |
| Died | September 12, 2018 (aged 75) Rockville, Maryland, U.S. |
| Political party | Republican |
| Education | St. Olaf College (BA) |
Mark Walter Olson (born March 17, 1943 – died September 12, 2018) was an American expert in money and banks. He was a member of the Federal Reserve Board of Governors from 2001 to 2006. This group helps manage the United States' money and banking system. He later led a group that made sure companies reported their money honestly.
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Early Life and Education
Mark Olson was born on March 17, 1943, in Fergus Falls, Minnesota. He grew up in the United States.
In 1965, he earned a degree in economics from St. Olaf College. Economics is the study of how money, goods, and services are made and used. In 2003, his college honored him as a distinguished former student.
Career in Banking
Mark Olson started his career in banking in 1966. He worked for First Bank System, which is now called U.S. Bancorp. By 1969, he became an officer at the bank.
From 1976 to 1988, he was the President and CEO of Security State Bank. This bank was in his hometown of Fergus Falls, Minnesota. His father had helped start this bank in 1957.
Leading Bankers
During his time at Security State Bank, Olson also worked on rules for the banking industry. He was part of the American Bankers Association (ABA). This group represents banks across America.
In 1986, when he was 43, he became the youngest person ever to be elected President of the ABA. This showed his strong leadership skills.
Working with Government
Between 1971 and 1976, Olson helped Representative Bill Frenzel. He advised the lawmaker on banking issues. He also managed Frenzel's local office.
From 1988 to 1999, Olson worked as a partner at Ernst & Young. This is a big company that helps other businesses with their money and rules. He advised financial companies on how to follow rules and manage their businesses. He also helped bankers in Eastern Europe learn about free-market economies.
Before joining the Federal Reserve, Olson worked for the U.S. Senate. He helped a committee that looked at rules for financial markets. This committee oversaw the U.S. Securities and Exchange Commission (SEC). The SEC is a government agency that protects investors.
Federal Reserve Governor
In 2001, President George W. Bush chose Mark Olson to join the Board of Governors of the Federal Reserve. He started this important job on December 7, 2001. The Federal Reserve helps control the nation's money supply and interest rates.
During his time there, he helped manage the Board's daily operations. He also led a committee that focused on consumer and community issues. In September 2005, after Hurricane Katrina caused great damage, Olson disagreed with a decision to raise interest rates. He felt it was not the right time due to the disaster.
Olson left the Federal Reserve on June 30, 2006. He then became the head of the Public Company Accounting Oversight Board (PCAOB). This board makes sure that companies' financial reports are accurate and honest. He resigned from the PCAOB in 2009 for personal reasons.
After leaving the PCAOB, he became a co-chair at Treliant Risk Advisors LLC. This company helps financial businesses follow rules. He also sometimes appeared on CNBC to share his ideas about money and banking.
Personal Life
In 2004, Mark Olson married Renee Korda. They had two children, named Ben and Stephanie.
Death
Mark Olson passed away on September 12, 2018. He died from pulmonary fibrosis, a lung disease, in Rockville, Maryland.
