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"The Federal Reserve System is in the wrong hands.

After previous attempts to push the Federal Reserve Act through Congress, a group of bankers funded and staffed Woodrow Wilson's campaign for President.

Federal Reserve Bank - Wikipedia

The Minneapolis Fed, with one branch in Helena, Montana, serves the six states of the Ninth Federal Reserve District: Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.

All the income is tax-free, except for property tax, according to the Federal Reserve Act.

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The mission of the Opportunity and Inclusive Growth Institute is to conduct and promote research that will increase economic opportunity and inclusive growth and help the Federal Reserve achieve its maximum employment mandate.

The United States' 12 Federal Reserve banks act as a ..

While it's clear from this chronology that central banking in the United States has evolved over time, a shared motivation throughout this history is also apparent—to better serve commerce and government. That was the inspiration behind Alexander Hamilton's campaign to establish the First Bank of the United States, behind the efforts of the Second Bank and the banking legislation that followed, and the core purpose behind the Federal Reserve Act. And those objectives will certainly continue to motivate Congress and the Federal Reserve as they contemplate future changes in the operations of the nation's central bank. While Hamilton would not recognize many functions of modern central banking, he would certainly recognize its goals.

Federal Reserve Bank | Investopedia

In May 1908, the New York Times gave his revised plan prominent coverage. Primarily, Warburg continued to emphasize that the United States must finally develop some sort of central bank system, giving the country an elastic currency based on modern commercial bills payable in gold: a system similar in principle, if not exactly alike in form, to those of the important European central banks. He believed that "no measure that bases currency on a long term basis like the Aldrich-Vreeland Emergency Currency bill, (which allowed banks in regional currency associations to use their aggregate bank balances as the basis for the issuance of currency) can be acceptable." Also, he stressed that issuing notes "must be centralized into a few organs, or if feasible, into one organ to ensure effective expansion and contraction of reserves." The tireless reformer further stated that no central bank could be effective that "vests the powers of a central bank in political officers alone. That power clearly defined, ought to be vested in political officers and businessmen combined, in a way that would render impossible any political or financial abuse." Any hasty decisions on the composition of the directors of a central bank, he said, could stand in the way of the creation of such an organization. Better that those practical and political questions could be worked out after careful consideration.

This is no different than the backing of today's Federal Reserve Notes.

Federal Reserve Bank - The Federal Reserve System

In addition to Warburg and Aldrich, the others, all highly regarded in the New York banking community, were: Frank Vanderlip, president of National City Bank; Harry P. Davison, a J.P. Morgan partner; Benjamin Strong, vice president of Banker's Trust Co.; and A. Piatt Andrew, former secretary of the National Monetary Commission and now assistant secretary of the Treasury. The real purpose of this historic "duck hunt" was to formulate a plan for US banking and currency reform that Aldrich could present to Congress.

Federal Reserve Bank of Cleveland

The group was secluded on Jekyll Island for about 10 days. All the participants came to the conference with strong views on the subject and did not agree on the exact shape a US central bank should take. Vanderlip noted: "Of course we knew that what we simply had to have was a more elastic currency through a bank that would hold the reserves of all banks." But there were many other questions that needed to be answered. If it was to be a central bank, how was it to be owned: by the banks, by the government, or jointly? Should there be a number of institutions or only one? Should the rate of interest be the same for the whole nation, or would it be higher in a community that was expanding too fast and lower in another that was lagging? In what open market operations should the bank be engaged?

Economic Research - Federal Reserve Bank of San Francisco

While Aldrich's conversion was a welcome one to Warburg and other progressive reformers, the very concept of a European-style central bank was still an anathema to a great many bankers and politicians. Bankers wanted reform that would make the banking system more efficient and better coordinated but were fearful of government interference in the management of a central bank. While Reynolds, as president of the American Bankers Association, had traveled to Europe and had become an intimate of Aldrich, his association was not supportive of reform. Moreover, many politicians believed that the geographic size of the United States and its diverse business conditions warranted a different banking system than those existing in Europe. Complicating the matter further was the fact that any plan to which Aldrich attached himself was sure to be attacked by Democrats and others who believed the senator had only the interest of eastern businessmen and bankers in mind. Aldrich had close ties with J. P. Morgan and other important bankers, and his eldest daughter's marriage to John D. Rockefeller Jr. did not help to dispel this suspicion.