Quiz: A Duck Hunt in Georgia 5 questions · 80% to pass 1. How many men attended the Jekyll Island meeting in November 1910?46812Six men attended: Aldrich, Andrew, Vanderlip, Davison, Norton, and Warburg. They represented the Senate, the US Treasury, and three of the country's largest financial institutions.2. Why did the original Aldrich Plan fail in Congress?It was too expensive to implementIt was ruled unconstitutionalAldrich's name was too closely associated with Wall Street interestsIt gave too much power to state-chartered banksAldrich's well-known connections to the Rockefeller family and Wall Street banking interests made the plan politically toxic. The same core design was later repackaged under Democratic sponsorship.3. The Federal Reserve Act was signed into law in what year?1907191019131920President Woodrow Wilson signed the Federal Reserve Act on December 23, 1913, creating the Federal Reserve System.4. Who confirmed the details of the Jekyll Island meeting in a 1935 Saturday Evening Post article?Nelson AldrichPaul WarburgJ.P. MorganFrank VanderlipFrank Vanderlip, then President of National City Bank, wrote openly about the meeting in the Saturday Evening Post, calling it 'the actual conception of what eventually became the Federal Reserve System.'5. Why was the Federal Reserve designed as 12 regional banks rather than one central institution?There weren't enough qualified bankers for one institutionTo address American distrust of concentrated financial powerEach state demanded its own reserve bankEuropean central banks all used the same modelAmericans had already killed two central banks over fears of concentrated power. The twelve-bank structure was designed to create the appearance of geographic decentralization while maintaining coordinated monetary policy. Check answers Retake quiz Back to lesson Next lesson →