|For immediate release|
Susan Schmidt Bies and Mark W. Olson on Friday took the oath of office as members of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Alan Greenspan in the Chairman's office.
President Bush announced his intention to nominate Dr. Bies on June 8 and his intention to nominate Mr. Olson on July 10. The Senate confirmed them on December 6.
Dr. Bies was nominated to a vacant seat last held by Susan M. Phillips, whose term expired. Dr. Bies' term expires January 31, 2012.
Mr. Olson was nominated to the seat vacated by the resignation of Alice M. Rivlin on July 16, 1999. The term expires January 31, 2010.
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