Former community banker nominated to Fed Board

Northwestern Financial Review, Aug 1, 2001

The Bush Administration has nominated Mark Olson to a Federal Reserve Board governorship. Olson was president of Security State Bank in Fergus Falls, Minn., during the 1980s and was president of the American Bankers Association in 1986-87. During the 1990s, he was a consultant at Ernst & Young. "We believe it is important to have someone on the Federal Reserve Board with community banking experience, and President Bush could not have made a better choice," said ABA executive vice president Donald Ogilvie.

Olson's nomination reduces the chances that North Dakota banker Terry Jorde will be nominated to a Fed governorship.