"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...Olson opens the next vacancy on the governor's board after vice chairman Roger Ferguson had resigned in February.
...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."
The WSJ had earlier named Fredric Mishkin as a possible successor to Ferguson.