簡介
保羅把最後的版本改為“董事會成員由美國總統任命”，但是董事會的真正功能由聯邦諮詢委員會所控制，聯邦諮詢委員會與董事會定期開會“討論”工作。聯邦諮詢委員會成員將由12家聯邦儲備銀行的董事決定，這一點被有意地向公眾隱瞞了。
另一個保羅要應付的難題是，如何隱藏紐約的銀行家將主導美聯儲這個事實。19世紀以來，美國中西部廣大中小商人、農場主飽受銀行危機的浩劫，對東部銀行家深惡痛絕，這些地區的議員不可能支持紐約銀行家占主導的中央銀行。保羅為此設計了一套由12家美聯儲地區銀行構成整個系統的天才解決方案。在銀行圈子之外，很少有人明白，在美國貨幣和信貸發放高度集中於紐約地區這一基本前提下，提議建立各地區聯儲銀行，只不過是給人造成中央銀行的業務並沒有集中在紐約的假象罷了。
還有一個體現保羅深謀遠慮之處的就是將美聯儲總部設在政治首都華盛頓，而有意遠離它真正接受指令的金融之都紐約，以進一步分散公眾對紐約銀行家的顧慮。
保羅的第四個困擾是如何產生12家美聯儲地區銀行的管理人員，奧爾德里奇的國會經驗終於派上了用場。他指出中西部的議員普遍對紐約銀行家有敵意，為了避免失控現象，所有地區銀行的董事應該由總統任命，而不要由國會插手。但是這造成了一個法律漏洞，《憲法》第一章第八節明確規定由國會負責發行管理貨幣，將國會排除在外，意味著美聯儲從一開始就違背了《憲法》。後來這一點果然成了很多議員攻擊美聯儲的靶子。
在經過這一番頗具匠心的安排以後，該法案儼然以模擬美國憲法分權與制衡的面目出現。總統任命，國會審核，獨立人士任董事，銀行家做顧問，真是滴水不漏的設計！
英文介紹
PaulMoritzWarburg(August10,1868—January24,1932)wasaGerman-AmericanbankerandearlyadvocateoftheU.SFederalReservesystem.
WarburgwasborninHamburg,Germany,toasuccessfulJewishbankingfamily.HisparentswereMoritzandCharlotte(Esther)Warburg.AftergraduatingfromtheRealgymnasiuminHamburgin1886heenteredtheemployofSimonHauer,aHamburgimporterandexporter,tolearnthefundamentalsofbusinesspractice.HesimilarlyworkedforSamuelMontague&Company,bankers,inLondonin1889-90,thetheBanqueRussepourleCommerceEtrangerinParisin1890-91.[1][2]
In1891WarburgenteredtheofficeofthefamilybankingfirmofM.M.Warburg&Company,whichhadbeenfoundedin1798byhisgreat-grandfather.Heinterruptedworktheretoundertakeaworldtourduringthewinterof1891-92.Warburgwasadmittedtoapartnershipinthefamilyfirmin1895.[3]
OnOctober1,1895,WarburgwasmarriedinNewYorkCitytoNinaJ.Loeb,daughterofSolomonLoeb,founderoftheNewYorkinvestmentfirmofKuhn,Loeb&Company.TheWarbugsweretheparentsofason,JamesPaulWarburg,andadaughter,Dr.BettinaWarburg.[4]
AlthoughamajorfactorinGermanfinance,afterfrequentbusinesstripstoNewYorkWarburgsettledtherein1902asapartnerinKuhn,Loeb&CompanywheretheinfluentialJacobSchiff,hiswife'sbrother-in-law,wasseniorpartner.WarburgremainedapartnerinthefamilyfirminHamburg,buthebecameanaturalizedAmericancitizenin1911.HewasamemberofTempleEmanu-ElinNewYorkCity.[5][6]
WarburgwaselectedadirectorofWellsFargo&CompanyinFebruary1910.HeresignedinSeptember1914followinghisappointmenttotheFederalReserveBoard,andJacobSchiffwaselectedtohisseatontheWellsFargoboard.[7]
PaulWarburgbecameknownasapersuasiveadvocateofcentralbankinginAmerica,in1907publishingthepamphlets"DefectsandNeedsofOurBankingSystem"and"APlanforAModifiedCentralBank".Hiseffortsweresuccessfulin1913withthefoundingoftheFederalReserveSystem.HewasappointedamemberofthefirstFederalReserveBoardbyPresidentWoodrowWilson,servinguntil1918.
In1919hefoundedandbecamefirstchairmanoftheAmericanAcceptanceCouncil.HeorganizedandbecamethefirstchairmanoftheInternationalAcceptanceBankofNewYorkin1921.InternationalAcceptancewasacquiredbytheBankoftheManhattanCompanyin1929,withWarburgbecomingchairmanofthecombinedorganization.
HebecameadirectoroftheCouncilonForeignRelationsatitsfoundingin1921,remainingontheboarduntilhisdeath.From1921to1926WarburgwasamemberoftheadvisorycouncilofFederalReserveBoard,servingaspresidentoftheadvisorycouncilin1924-26.HewasalsoatrusteeoftheInstituteofEconomics,foundedin1922;whenitwasmergedintotheBrookingsInstitutionin1927,hebecameatrusteeofthelatter,servinguntilhisdeath.[8][9]
WarburgwasnotableonMarch8,1929,forwarningofthedisasterthreatenedbythewildstockspeculationthenrampantintheUnitedStates,foretellingthecrashwhichoccurredinOctoberofthatyear.[10][11]
HeencouragedGerman-Americanculturalcooperation,helpingfoundtheCarlSchurzMemorialFoundationin1930andservingasitstreasurerfromMay1930untilhisdeath.HealsomadesubstantialcontributionstotheWarburgLibraryinHamburg,foundedbyhisfamily;gavetoHeidelbergUiversityoneofitshalls,knownastheAmericanHouse;andhemadegenerousdonationstotheAcademyofPoliticalScienceinBerlin.[12]
PaulWarburgdiedathishomeinNewYorkCityonJanuary24,1932.AtthetimeofhisdeathhewaschairmanoftheManhattanCompanyandadirectoroftheBankofManhattanTrustCompany,FarmersLoanandTrustCompanyofNewYork,FirstNationalBankofBoston,Baltimore&OhioRailroad,UnionPacificRailroad,LosAngeles&SaltLakeRailroad,WesternUnionTelegraphCompany,AmericanI.G.ChemicalCompany,AgfaAnscoCorporation,andWarburg&CompanyofAmsterdam.
Thecartooncharacter,"Daddy"OliverWarbucksintheLittleOrphanAnnieseries,waspurportedlyinspiredbythelifeandtimesofPaulWarburg.ThePaulM.WarburgchairinEconomicsatHarvardUniversitywasnamedinhishonour,atitlewhichiscurrentlyheldbyProfessorRobertJ.Barro.
HissonJamesWarburg(1896-1969)wasafinancialadvisertoFranklinD.Rooseveltinthefirstyearsofhispresidency.
