Olcott was elected as a Republican to the Fifty-ninth, Sixtieth, and Sixty-first Congresses (March 4, 1905 – March 3, 1911). He was not a candidate for renomination in 1910. He continued the practice of law in New York City until his death on June 1, 1940. He was interred in Green-Wood Cemetery, Brooklyn, New York.
