Frank A. Vanderlip
Encyclopedia
Frank A. Vanderlip was an America
n banker. From 1897-1901, Vanderlip was the Assistant Secretary of Treasury for President of the United States
William McKinley
's second term. In that office he negotiated with National City Bank a $200 million loan to the government to finance the Spanish American War. Thereafter he was vice president and then president of National City Bank of New York
(1909–19). In November, 1910, he was a member of the Jekyll Island group, a group of bankers that are believed to have formulated the outline to a plan that influenced the drafting of the eventual Federal Reserve Act
.
In the final month and a half before the Act's enactment on December 23, 1913, Vanderlip's alternative plan for a Federal Reserve Act nearly derailed the one that President Wilson and the Democratic leadership were promoting.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
n banker. From 1897-1901, Vanderlip was the Assistant Secretary of Treasury for President of the United States
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
William McKinley
William McKinley
William McKinley, Jr. was the 25th President of the United States . He is best known for winning fiercely fought elections, while supporting the gold standard and high tariffs; he succeeded in forging a Republican coalition that for the most part dominated national politics until the 1930s...
's second term. In that office he negotiated with National City Bank a $200 million loan to the government to finance the Spanish American War. Thereafter he was vice president and then president of National City Bank of New York
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
(1909–19). In November, 1910, he was a member of the Jekyll Island group, a group of bankers that are believed to have formulated the outline to a plan that influenced the drafting of the eventual Federal Reserve Act
Federal Reserve Act
The Federal Reserve Act is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender...
.
In the final month and a half before the Act's enactment on December 23, 1913, Vanderlip's alternative plan for a Federal Reserve Act nearly derailed the one that President Wilson and the Democratic leadership were promoting.