Olănescu served two terms as President of the Assembly: from June 1899 to September 1900, and from March 1911 to October 1912.[2] During his time at the helm, important national-security and economic legislation was adopted. In the first period, these dealt with the Gendarmerie and the Army. Among those approved in his second term were laws on reducing the cost of living, antitrust, tax relief for the urban poor, industry promotion, mortmain and higher education.[4]
In the autumn of 1915, Olănescu belonged to the leadership of the Unionist Federation, an organization that advocated the entry of neutral Romania into World War I, in order to unite all ethnic Romanians into a single state. In August 1916, as a former Assembly president, he took part in a Crown Council meeting where he voted in favor of joining the war on the Allies' side.[4] In May 1918, he was among the Romanians living in Paris who signed a document denouncing the Treaty of Bucharest, through which Germany imposed a harsh peace on Romania.[5] He died in Bucharest ten years later.[6]