Board of Governors of the Federal Reserve System

Mark W. Olson submitted his resignation Wednesday as a member of the Board of Governors of the Federal Reserve System, effective June 30, 2006.

Olson, who has been a member of the Board since December 7, 2001, submitted his resignation to President Bush. He is leaving the Board to assume the chairmanship of the Public Company Accounting Oversight Board. He will not attend the June 28-29 meeting of the Federal Open Market Committee.

"Mark’s leadership and wide experience in financial services and government were invaluable assets for the effective operation of both the Board and Federal Reserve System during his tenure," said Chairman Ben S. Bernanke. "He has been an exemplary colleague and I will miss his wise counsel. I wish him well in his new and vital role of overseeing the auditors of public companies."

Olson, 63, was appointed by President Bush to fill an unexpired term on the Federal Reserve Board ending January 31, 2010. During his time on the Board, he has served as the Board’s administrative governor, as Chairman of the Board’s Committee on Consumer and Community Affairs, as a member of the Committee on Supervisory and Regulatory Affairs, and as a member of the Committee on Federal Reserve Bank Affairs.

Before joining the Board, Olson served as staff director of the Securities Subcommittee of the Senate Banking, Housing, and Urban Affairs Committee. Prior to that, he was a partner with Ernst & Young LLP at its predecessor, Arthur Young & Company, and he was president and chief executive officer of Security State Bank, Fergus Falls, Minnesota.

A copy of his resignation letter is attached.