Bjørn Skogstad Aamo
Encyclopedia
Bjørn Skogstad Aamo is a Norwegian economist
and politician
for the Labour Party
. He was State Secretary for three non-consecutive terms between 1973 and 1993, and served as Director of the Financial Supervisory Authority of Norway
from 1993 to 2011.
, Aamo grew up in Mandal. He became involved in politics at an early age, and was appointed chairman of the local Workers' Youth League
chapter in 1962. He then moved back to the capital to enroll at the University of Oslo
. He became chairman of the Workers' Youth League chapter there. Situated on the left wing of the organization, he became a vocal opponent of the Vietnam War
as well as the Norwegian North Atlantic Treaty Organization membership, much to the dismay of party secretary Haakon Lie
. However, Aamo found support from fellow economist Per Kleppe
, at that time a deputy member of the party central committee and head of the think tank
Arbeiderbevegelsens utredningskontor.
Aamo graduated with the degree cand.oecon.
in economics
in 1970, and from 1971 to 1972 he worked as personal secretary (today known as political adviser) in the Ministry of Local Government and Labour
. He was then promoted to State Secretary
in the Ministry of Finance
from 1973 to 1979, serving under Per Kleppe who had become Minister of Finance
.
He was then head of the department of economics in the European Free Trade Association
from 1979 to 1981, and director of the Regional Development Fund
from 1981 to 1986. He then returned as State Secretary from 1986 to 1989 under Minister of Finance Gunnar Berge
in Brundtland's Second Cabinet. He lost his job when Brundtland's Second Cabinet fell in 1989, and briefly returned to Regional Development Fund. In 1990 as the short-lived Syse's Cabinet fell and Brundtland's Third Cabinet assumed office, Aamo was appointed State Secretary at the Office of the Prime Minister
.
, succeeding Svein Aasmundstad
. This decision was criticized by the political opposition. Aamo belonged to the same political party as Minister of Finance
Sigbjørn Johnsen
and the rest of Brundtland's Third Cabinet. Since Aamo came directly from a government position, that of state secretary, parliament member Lars Gunnar Lie
cited concern about a perceived lack of distance between the third cabinet Brundtland and the Financial Supervisory Authority. This would put the independence of the latter at odds, he claimed. However, most of the criticism was directed at Sigbjørn Johnsen, who at that time was under scrutiny for his involvement with private corporation UNI Storebrand
. The Financial Supervisory Authority would have a role in this scrutiny, and several people, including parliament member Kristin Halvorsen
, asked for the appointment of Johnsen's party fellow be postponed until after the case was closed. Parliament member Carl I. Hagen
called for Johnsen to resign. On the other hand, conservative newspaper Aftenposten
defended the decision in an op-ed the next day, citing Aamo's strong qualifications for the job. The criticism did not hinder the appointment of Aamo, and Sigbjørn Johnsen remained in his seat.
Aamo applied for the position as Governor of the Central Bank of Norway in 1999, but Svein Gjedrem
was appointed.
During the economic crisis of 2008, Aamo stated that banks are safer in Norway than in any other country. The matters are complicated by Norway's close relations to Iceland, whose national crisis had consequences for Norwegian customers in the banks Glitnir and Kaupthing
. Aamo is himself a board member of the Norwegian Banks' Guarantee Fund
.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and politician
Politician
A politician, political leader, or political figure is an individual who is involved in influencing public policy and decision making...
for the Labour Party
Norwegian Labour Party
The Labour Party is a social-democratic political party in Norway. It is the senior partner in the current Norwegian government as part of the Red-Green Coalition, and its leader, Jens Stoltenberg, is the current Prime Minister of Norway....
. He was State Secretary for three non-consecutive terms between 1973 and 1993, and served as Director of the Financial Supervisory Authority of Norway
Financial Supervisory Authority of Norway
The Financial Supervisory Authority of Norway is a Norwegian government agency responsible for supervision of financial companies within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance and international accounting standards...
from 1993 to 2011.
Political career
Born in OsloOslo
Oslo is a municipality, as well as the capital and most populous city in Norway. As a municipality , it was established on 1 January 1838. Founded around 1048 by King Harald III of Norway, the city was largely destroyed by fire in 1624. The city was moved under the reign of Denmark–Norway's King...
, Aamo grew up in Mandal. He became involved in politics at an early age, and was appointed chairman of the local Workers' Youth League
Workers' Youth League (Norway)
The Workers' Youth League is Norways biggest political youth organization, and is affiliated with the Norwegian Labour Party.AUF took its current form in April 1927, following the merger of Left Communist Youth League and Socialist Youth League of Norway corresponding with the merger of its...
chapter in 1962. He then moved back to the capital to enroll at the University of Oslo
University of Oslo
The University of Oslo , formerly The Royal Frederick University , is the oldest and largest university in Norway, situated in the Norwegian capital of Oslo. The university was founded in 1811 and was modelled after the recently established University of Berlin...
. He became chairman of the Workers' Youth League chapter there. Situated on the left wing of the organization, he became a vocal opponent of the Vietnam War
Vietnam War
The Vietnam War was a Cold War-era military conflict that occurred in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. This war followed the First Indochina War and was fought between North Vietnam, supported by its communist allies, and the government of...
as well as the Norwegian North Atlantic Treaty Organization membership, much to the dismay of party secretary Haakon Lie
Haakon Lie
Haakon Lie was a Norwegian politician who served as party secretary for the Norwegian Labour Party from 1945 to 1969. Coming from humble origins, he became involved in the labour movement at an early age, and quickly rose in the party system...
. However, Aamo found support from fellow economist Per Kleppe
Per Kleppe
Per Andreas Hildte Kleppe is a Norwegian economist and politician for the Labour Party.As an elected politician he served in the position of deputy representative to the Norwegian Parliament from Oslo in during the term 1954–1957...
, at that time a deputy member of the party central committee and head of the think tank
Think tank
A think tank is an organization that conducts research and engages in advocacy in areas such as social policy, political strategy, economics, military, and technology issues. Most think tanks are non-profit organizations, which some countries such as the United States and Canada provide with tax...
Arbeiderbevegelsens utredningskontor.
Aamo graduated with the degree cand.oecon.
Cand.oecon.
Candidatus oeconomices or Candidata oeconomices , often abbreviated cand.oecon. is an academic degree in economics at Danish and Norwegian universities. It is roughly equivalent to a Master of Economics, but it consists of 4+2 years, and was based on a four year cand.mag.. The degree was replaced...
in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
in 1970, and from 1971 to 1972 he worked as personal secretary (today known as political adviser) in the Ministry of Local Government and Labour
Norwegian Ministry of Local Government and Regional Development
The Royal Norwegian Ministry of Local Government and Regional Development is a Norwegian ministry established in 1948. It is responsible for the housing and building, regional and rural policy, municipal and county administration and finances, and the conduct of elections...
. He was then promoted to State Secretary
State Secretary (Norway)
In Norway, a State Secretary is a partisan political position within the executive branch of government. Contrary to the position Secretary of State in many other countries, the Norwegian State Secretary does not head his or her Ministry, rather, they are second in rank to a Minister...
in the Ministry of Finance
Norwegian Ministry of Finance
The Royal Norwegian Ministry of Finance is a Norwegian ministry established in 1814. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Norway. It is led by Sigbjørn Johnsen...
from 1973 to 1979, serving under Per Kleppe who had become Minister of Finance
Minister of Finance (Norway)
- 1st Ministry :- 5th Ministry :- Ministry of Finance, Trade and Customs :- Ministry of Finance and Customs :- Ministry of Finance :...
.
He was then head of the department of economics in the European Free Trade Association
European Free Trade Association
The European Free Trade Association or EFTA is a free trade organisation between four European countries that operates parallel to, and is linked to, the European Union . EFTA was established on 3 May 1960 as a trade bloc-alternative for European states who were either unable to, or chose not to,...
from 1979 to 1981, and director of the Regional Development Fund
Regional Development Fund
The Regional Development Fund was a government agency and bank in Norway tasked with promoting regional development by counselling, loans and subsidies. The fund was established in 1961 and existed until 1993, when it was merged with the Industry Bank and the Industry Fund to form the Norwegian...
from 1981 to 1986. He then returned as State Secretary from 1986 to 1989 under Minister of Finance Gunnar Berge
Gunnar Berge
Gunnar Berge is a Norwegian politician for the Labour Party, born in Etne, Hordaland. Berge represented Rogaland in the Norwegian Parliament from 1969 to 1993. He was Minister of Finance 1986-1989, Minister of Local Government and Regional Development 1992-1996, as well as minister of Nordic...
in Brundtland's Second Cabinet. He lost his job when Brundtland's Second Cabinet fell in 1989, and briefly returned to Regional Development Fund. In 1990 as the short-lived Syse's Cabinet fell and Brundtland's Third Cabinet assumed office, Aamo was appointed State Secretary at the Office of the Prime Minister
Norwegian Office of the Prime Minister
The Norwegian Office of the Prime Minister is a political and bureaucratic office that assists the Cabinet of Norway and the Prime Minister of Norway in the leadership of the Cabinet and Government. It has since 2005 been led by Prime Minister Jens Stoltenberg . Minister and Chief of Staff is Karl...
.
Financial Supervisory Authority
In 1993 he was appointed Director of the Financial Supervisory AuthorityFinancial Supervisory Authority of Norway
The Financial Supervisory Authority of Norway is a Norwegian government agency responsible for supervision of financial companies within Norway based on law and regulations from Storting, the Norwegian Ministry of Finance and international accounting standards...
, succeeding Svein Aasmundstad
Svein Aasmundstad
Svein Aasmundstad is a Norwegian civil servant.He was born in Trondheim, and graduated as cand.jur.. He worked as CFO in Trondheim municipality from 1973 to 1976, and as chief administrative officer in Oppland county from 1976 to 1987, only interrupted by a spell as state secretary in the Ministry...
. This decision was criticized by the political opposition. Aamo belonged to the same political party as Minister of Finance
Minister of Finance (Norway)
- 1st Ministry :- 5th Ministry :- Ministry of Finance, Trade and Customs :- Ministry of Finance and Customs :- Ministry of Finance :...
Sigbjørn Johnsen
Sigbjørn Johnsen
Sigbjørn Johnsen is a Norwegian politician for the Labour Party and the current Norwegian Minister of Finance....
and the rest of Brundtland's Third Cabinet. Since Aamo came directly from a government position, that of state secretary, parliament member Lars Gunnar Lie
Lars Gunnar Lie
Lars Gunnar Lie is a Norwegian politician from the Christian People's Party and was the Minister of Transport and Communications 1989-1990.-References:...
cited concern about a perceived lack of distance between the third cabinet Brundtland and the Financial Supervisory Authority. This would put the independence of the latter at odds, he claimed. However, most of the criticism was directed at Sigbjørn Johnsen, who at that time was under scrutiny for his involvement with private corporation UNI Storebrand
Storebrand
Storebrand is a financial services company in Norway. By volume, the company's main activities are related to life insurance and pension savings. However, the company also has major divisions working on investments, banking and, since 2006, P&C insurance products...
. The Financial Supervisory Authority would have a role in this scrutiny, and several people, including parliament member Kristin Halvorsen
Kristin Halvorsen
Kristin Halvorsen is a Norwegian socialist politician and was the Minister of Finance from 17 October 2005 until 20 October 2009. She is now the Minister of Education in Stoltenberg's second cabinet....
, asked for the appointment of Johnsen's party fellow be postponed until after the case was closed. Parliament member Carl I. Hagen
Carl I. Hagen
Carl Ivar Hagen is a Norwegian politician and former Vice President of the Norwegian Parliament. He was the chairman of the Progress Party from 1978 until 2006, when Siv Jensen replaced him as chairman of the party...
called for Johnsen to resign. On the other hand, conservative newspaper Aftenposten
Aftenposten
Aftenposten is Norway's largest newspaper. It retook this position in 2010, taking it from the tabloid Verdens Gang which had been the largest newspaper for several decades. It is based in Oslo. The morning edition, which is distributed across all of Norway, had a circulation of 250,179 in 2007...
defended the decision in an op-ed the next day, citing Aamo's strong qualifications for the job. The criticism did not hinder the appointment of Aamo, and Sigbjørn Johnsen remained in his seat.
Aamo applied for the position as Governor of the Central Bank of Norway in 1999, but Svein Gjedrem
Svein Gjedrem
Svein Ingvar Gjedrem is a Norwegian economist and former Governor of the Central Bank of Norway.He graduated in political economy from the University of Oslo in 1975, worked as a consultant in the Central Bank of Norway from 1975–1979 and in the Ministry of Finance from 1979 to 1998. He served two...
was appointed.
During the economic crisis of 2008, Aamo stated that banks are safer in Norway than in any other country. The matters are complicated by Norway's close relations to Iceland, whose national crisis had consequences for Norwegian customers in the banks Glitnir and Kaupthing
Kaupthing Bank
Kaupthing Bank was an international Icelandic bank, headquartered in Reykjavík, Iceland. It was formed by the merger of Kaupthing and Búnaðarbanki Íslands in 2003 and was the largest bank in Iceland....
. Aamo is himself a board member of the Norwegian Banks' Guarantee Fund
Norwegian Banks' Guarantee Fund
The Norwegian Banks' Guarantee Fund is a Norwegian fund for deposit insurance.It was established on 1 July 2004, because of legislation that passed the Parliament of Norway one week before. It was a merger of the Commercial Banks' Guarantee Fund and the Savings Banks' Guarantee Fund...
.