Aldrich Plan
E649325
The Aldrich Plan was an early 20th-century proposal for a centralized U.S. banking system that served as a key precursor to the creation of the Federal Reserve System.
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
banking reform proposal
ⓘ
monetary reform plan ⓘ |
| aimedTo | create a centralized U.S. banking system ⓘ |
| appliesToJurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| country |
United States of America
ⓘ
surface form:
United States
|
| criticizedFor |
insufficient public control
ⓘ
perceived domination by private bankers ⓘ |
| describedIn | reports of the National Monetary Commission ⓘ |
| draftedBy | National Monetary Commission NERFINISHED ⓘ |
| field |
banking regulation
ⓘ
monetary policy ⓘ |
| followedBy | Federal Reserve Act NERFINISHED ⓘ |
| genre | economic policy proposal ⓘ |
| hasEffectOn | design of U.S. central banking framework ⓘ |
| hasPart | proposal for a National Reserve Association ⓘ |
| historicalSignificance | key precursor to the creation of the Federal Reserve System ⓘ |
| inception |
1910
ⓘ
early 20th century ⓘ |
| influenced | Federal Reserve Act of 1913 NERFINISHED ⓘ |
| influencedAspectOf |
regional structure of the Federal Reserve System
ⓘ
role of a central reserve institution in the U.S. ⓘ |
| influencedBy | European central banking models ⓘ |
| legislativeBodyConsideredBy | United States Congress NERFINISHED ⓘ |
| legislativeOutcome | not enacted as originally proposed ⓘ |
| locationOfDrafting | Jekyll Island, Georgia NERFINISHED ⓘ |
| mainSubject |
banking system reform
ⓘ
central banking ⓘ |
| motivation |
address weaknesses revealed by the Panic of 1907
ⓘ
prevent future financial panics ⓘ |
| namedAfter | Nelson W. Aldrich NERFINISHED ⓘ |
| opposedBy |
Democratic Party leaders
NERFINISHED
ⓘ
Progressive reformers ⓘ |
| precursorOf | Federal Reserve System NERFINISHED ⓘ |
| proposedBy | Nelson W. Aldrich NERFINISHED ⓘ |
| proposedFunction |
act as lender of last resort
ⓘ
hold bank reserves ⓘ provide an elastic currency ⓘ rediscount commercial paper ⓘ |
| proposedOrganization | National Reserve Association NERFINISHED ⓘ |
| proposedStructure | centralized reserve association with regional branches ⓘ |
| relatedToEvent | Panic of 1907 NERFINISHED ⓘ |
| supportedBy |
Wall Street financial interests
ⓘ
large commercial banks ⓘ |
| timePeriod | Progressive Era NERFINISHED ⓘ |
| topic |
currency reform
ⓘ
financial stability ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.