Bush Taps Ex-Banker for Vacancy on Fed
President Bush nominated Mark Olson, former head of a Minnesota community bank and a past president of the American Bankers Assn., as a member of the Federal Reserve Board of Governors.
Olson was president of Security State Bank in Fergus Falls, Minn., from 1976 to 1988 and president of the American Bankers Assn. in 1986 and 1987.
Olson would be the second Bush selection for the seven-member Fed board with direct experience in banking.
The White House announcement said that Olson, if confirmed by the Senate, will serve the remainder of a 14-year term that will end on Jan. 31, 2010.
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