Fed Official Named to Head Accounting Board

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, in consultation with the Fed and the Treasury Department and with the approval of the other SEC commissioners.

The Public Company Accounting Oversight Board has been without a permanent head since William McDonough resigned late last year.