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Fed Reserve Delivers Another PCAOB Head

Fed Reserve Delivers Another PCAOB Head

by Rick Turoczy on June 24, 2006

The Federal Reserve has emerged as the breeding ground for oversight of the accounting profession as Federal Reserve Board Governor Mark W. Olson is taking over as the new chairman of the Public Company Accounting Oversight Board (PCAOB). He becomes the PCAOB’s second permanent chairman, following in the footsteps of the first long-term-chairman William McDonough, who had previously been president of the New York Federal Reserve Bank.

In appointing Olson, the Securities and Exchange Commission (SEC) passed over Bill Gradison, a former longtime U.S. Congressman from Ohio, who had been acting chairman since McDonough announced his resignation late last year. Gradison, who had reportedly been interviewed for taking on the top slot permanently, will remain a member of the board.

SEC Chairman Christopher Cox said that Olson’s broad array of securities, banking and accounting experience make him the ideal candidate for the job.

Fed Reserve Delivers Another PCAOB Head

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