WASHINGTON – President George W. Bush announced his intention to nominate Mark W. Olson to the Board of Governors of the Federal Reserve System, representing the 9th District for the remainder of a 14-year term expiring January 31, 2010. Most recently he served as Staff Director of the Securities Subcommittee for the Senate Banking Committee. From 1988 to 1999, Olson served as president of the American Bankers Association, and he has also managed the Financial Services Regulatory Consulting practice as a partner with Ernst and Young, LLP. He is a graduate of St. Olaf College. In other news, the Senate also confirmed President Bush's nomination of Donald Powell as chairman of the Federal Deposit Insurance Corporation.