Presenting the Fed's Perfect Plan for U.S. Dollar Oblivion Episode 03

Presenting the Fed's Perfect Plan for U.S. Dollar Oblivion Episode 03
Read Senate Document 108-17
S. Doc. 108-17 - Constitution of the United States of America: Analysis, and Interpretation - 2002 Edition ...

Google AI Overview

The Aldrich Plan was a proposal for banking reform in the United States, drafted in 1910-1911, that aimed to create a central bank with regional branches and an elastic currency.
While it ultimately failed to pass Congress, many of its features were incorporated into the Federal Reserve Act, which established the Federal Reserve System in 1913.

Here's a more detailed breakdown:
Key Features of the Aldrich Plan:
Central Bank with Regional Branches:
The plan proposed a National Reserve Association (a central bank) with 15 branches across the country.

Elastic Currency:
The central bank would issue its own currency backed by gold and commercial paper.

Reserve Holdings:
The National Reserve Association would hold a portion of the reserves of member banks, providing liquidity during times of financial stress.

Discounting Loans:
It would also discount loans for member banks, further enhancing the flexibility of the banking system.

Government Representation:
While the plan initially favored a politically independent central bank, it included some government representation on the governing board to make it more palatable.

Background:
The Aldrich-Vreeland Act of 1908 created the National Monetary Commission to study banking and currency reform.
Senator Nelson Aldrich, head of the commission, spearheaded the effort, influenced by the ideas of Paul Warburg and other New York bankers.
A key meeting to draft the plan took place at the Jekyll Island Club in 1910.

Opposition and Failure:
The Aldrich Plan faced strong opposition from rural and progressive factions who viewed it as favoring Wall Street and big banks.
Concerns were raised about the plan's potential to concentrate power in the hands of a few wealthy individuals and institutions.
The plan ultimately failed to pass Congress, particularly after Democrats gained control of both houses and the presidency in 1912.

Influence on the Federal Reserve Act:
Despite its failure, the Aldrich Plan significantly influenced the Federal Reserve Act of 1913, according to history sources.
Many of the core features of the Aldrich Plan, such as the central bank structure, regional branches, and elastic currency, were incorporated into the Federal Reserve System.
The Federal Reserve Act, however, included more government control and representation than the Aldrich Plan had initially proposed.
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