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Release Date: January 3, 2002

For immediate release

Susan Schmidt Bies and Mark W. Olson were formally sworn in as members of the Board of Governors of the Federal Reserve System at a ceremony Thursday in the atrium of the Board's main building in Washington.

Friends, family, and Board employees attended the ceremony, which was presided over by Federal Reserve Chairman Alan Greenspan.

Governor Bies and Governor Olson assumed their posts on December 7 following confirmation by the Senate on December 6.

President Bush nominated Governor Bies to a vacant seat last held by Susan M. Phillips, whose term expired. Governor Bies' term expires January 31, 2012.

Governor Olson was nominated to the seat vacated by the resignation of Alice M. Rivlin on July 16, 1999. The term expires January 31, 2010.

Biographies of Governor Bies and Governor Olson are available on the Board's website: www.federalreserve.gov/bios/

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Last update: January 3, 2002