Federal Reserve Gov. Mark W. Olson has been named chairman of the independent board overseeing the accounting industry that arose from the 2002 corporate scandals, it was announced Monday.
Christopher Cox, chairman of the Securities and Exchange Commission, appointed Olson to the position. The Public Company Accounting Oversight Board, as the agency is called, has been without a permanent head since William McDonough resigned late last year.
Olson, 63, has been with the central bank since December 2001. He previously was staff director of a Senate Banking subcommittee and a partner in the major accounting firm Ernst & Young.
Congress created the board to replace the accounting industry's own regulators amid the wave of business scandals, giving it subpoena power and the authority to discipline accountants.
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