Frank A. Vanderlip was
pivotal in shaping the nation's banking system and establishing its global
His appointment as Assistant
Secretary of the Treasury in 1897 served as a training ground where he learned
the challenges and intricacies of the American financial system. In 1910,
Vanderlip joined a select group of individuals at Jekyll Island, Georgia, to
develop a plan for a central banking system. The Jekyll Island Conference laid
the foundation for the Federal Reserve Act of 1913.
Vanderlip played a key role
in shaping the Federal Reserve Act and advocated for a decentralized banking
system. He believed in regional representation and including private and public
entities in the Federal Reserve.
Vanderlip later served as president
of the National City Bank of New York (now Citibank). Under his leadership, the
bank became one of the largest financial institutions in the United States. In
addition, Vanderlip's innovative approach to banking practices, including
diversifying the bank's portfolio and expanding its international operations,
solidified its position as a global player.
In addition, he served as editor
of The New York Evening Post and later founded The New York Tribune, using
them toraise awareness of economic and political issues, advocating for
reforms that would benefit the American people.