paul warburg

Paul Warburg (1868-1932) was a German-American banker and early advocate of the U.S Federal Reserve system. Warburg was born into a successful banking family in Hamburg, Germany. He and his brothers Max Warburg and Felix Warburg were partners in the family firm of M. M. Warburg & Co., but while Max remained in Germany as head of that business, Felix and Paul moved to New York City in 1901, where they purchased partnerships in the investment firm of Kuhn, Loeb & Co., where at the time, the influential Jacob Schiff was senior partner. Paul Warburg became known as a persuasive advocate of central banking in America, in 1907 publishing "Defects and Needs of Our Banking System" in the New York Times and "A Plan for A Modified Central Bank". His efforts were successful in 1913 with the founding of the United States' Federal Reserve, to which he was appointed a member of the first Federal Reserve Board by president Woodrow Wilson.

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*Paul Warburg's Crusade to Establish a Central Bank in the United States

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Paul Warburg

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