US Securities and Exchange Commission Chairman, Christopher Cox on Monday announced that Federal Reserve Board Governor Mark W. Olson has been appointed Chairman of the five-member Public Company Accounting Oversight Board until 2010.
"Mark Olson's experience as a central banker, his background in securities law, his expertise gained as partner in a major accounting firm, his management and business experience as a bank president, and his national leadership as President of the American Bankers' Association - together with his demonstrated commitment to public service and protecting the interests of investors - will be an exceptional addition to the PCAOB," Chairman Cox observed, continuing:
"His sound judgment and his outstanding leadership ability make him a worthy successor to Bill McDonough and Bill Gradison."
"Over the last seven months, Acting Chairman Gradison has led the effort to ensure that the application of Sarbanes-Oxley section 404 to companies of all sizes will, in the near future, yield greater investor benefits at significantly lower cost. He has also pioneered the establishment of a sturdy budget process for the PCAOB and the SEC, which will guarantee the smooth operation of the Board for years to come. I'm confident that, with a full complement of outstanding leaders on the Board, the vital work of the PCAOB is in excellent hands."
Bill Gradison will remain a member of the Public Company Accounting Oversight Board.
Mr Olson, 63, joined the Federal Reserve on Dec. 7, 2001. In addition to his policy-making duties as a Fed Governor, he has served as Administrative Governor since August 2002, responsible for management of the Federal Reserve Board. Mr. Olson also serves on the Federal Reserve Board Committee on Supervisory and Regulatory Affairs and is the Chairman of the Committee on Consumer and Community Affairs. He previously chaired the Committee on Federal Reserve Bank Affairs.
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