When Mark Olson starts his new job as chairman of the Public Company Accounting Oversight Board in July, his commute into work won't be all that much different from his most recent gig - a few blocks away at the Federal Reserve Board.But there's little doubt that the course he'll be setting with the accounting firm regulator will be markedly different from his duties over the last five years as a Fed governor.

At the nearly 100-year-old Fed, Olson regularly voted on interest rates and played a role in setting monetary and economic policy, working as part of a system that has historically operated behind closed doors. At the PCAOB, Olson has said that he expects to play the role of regulator first, and enforcer only when need be, as he oversees a young institution that is expected to carry out its work as transparently as possible.

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