America 1919-Chapter 849: Donnie wants to enter the Federal Reserve_3

Paul Warburg asked: “Tell me, since the formation of Donnie’s New Jersey Consortium, which industry has been the core industry of Donnie?”

Felix Warburg pondered for a moment. Now the New Jersey Consortium has many industries: bootlegging, finance, gambling, media, retail, logistics, heavy industry, and so on.

But which one is the core industry of the New Jersey Consortium?

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To say which industry provides Donnie with the most cash, it must be bootlegging and gambling, these two businesses.

But these two businesses have certain limitations and are difficult to have an impact on the situation.

Then the most influential must undoubtedly be the media.

Is it the media?

Felix Warburg felt that this answer might be too simple; it may not be what Paul Warburg was looking for!

While Felix Warburg was still thinking, Paul Warburg spoke up: “The New Jersey Consortium’s most core industry now is Venus Bank, which is also why the New Jersey Consortium is willing to be referred to as the Venus Consortium.”

But Venus Bank, Donnie’s private bank, has only been established for a short while, and the acquired Breton Bank is just a mid-sized bank, so for the current Donnie, the most important thing is how to make Venus Bank and Breton Bank match the status of the New Jersey Consortium now!”

After being reminded by Paul Warburg, Felix Warburg suddenly saw the light, “So what you mean is, in order for Donnie to enhance the performance and influence of these two banks, he needs a powerful institution to endorse them, and in the United States, the Federal Reserve is definitely among those powerful institutions!”

Although Paul Warburg has never been able to sit in the Federal Reserve Chair’s position, his influence in the Federal Reserve is extremely significant. In a sense, Paul Warburg could actually represent the Federal Reserve.

The Federal Reserve is a very special institution.

Although they do not belong to the U.S. Government, the appointment of the Federal Reserve Chair is appointed by the President of the United States, reviewed by Congress, and then the directors of the Federal Reserve are so-called independent individuals, and the advisors are famous American bankers.

This is also a strategy set by the Federal Reserve at the time of its establishment to avoid the U.S. Constitution.

According to Title I, Section 8 of the U.S. Constitution, it’s clearly stipulated that Congress is responsible for issuing and managing the currency. Excluding Congress means that the Federal Reserve was in violation of the U.S. Constitution from the beginning.

Later, this point indeed became a target for many congressmen to attack the Federal Reserve.

So later they added the clause of congressional review, it can be said that the Federal Reserve Chair is a product of compromises from various parties.

Moreover, the Federal Reserve itself has twelve Federal Reserve Banks!

According to the regulations publicly disclosed by the Federal Reserve, as a corporate institution, their decisions are naturally determined by the Federal Reserve’s board of directors. But in reality, inside the Federal Reserve, there is another regulation deliberately concealed from the public.

That is, the real function of the Federal Reserve’s board of directors is controlled by the Federal Advisory Council, which holds regular meetings to “discuss” work with the Federal Reserve’s board of directors.

The members of the Federal Advisory Council will be decided by the directors of the 12 Federal Reserve Banks.

And under this system, it actually represents, controlling the directors of the 12 Federal Reserve Banks is the same as having complete control over the Federal Reserve!

The entire power structure of the Federal Reserve is actually very complex.

But one thing can be certain, at this time the Woburg Family, who have only just come to the United States for just over 20 years, have a strong influence on the Federal Reserve.

Not inferior to the Chair of the Federal Reserve.

At the same time, the Woburg Family has deep relations with the Rothschild family in Europe, and the two families are also relatives by marriage!

“Donnie really has too much nerve, right? He actually wants to enter the Federal Reserve?” After understanding all this, Felix Warburg couldn’t help but exclaim in surprise.

“Why can’t he be more bold? If I were in his position, I would definitely have such thoughts as well!” said Paul Warburg seriously.

“So what should we do? Should we make a compromise on this matter?”

Felix Warburg knew that the impact of this matter was too great, and it was not something he could decide on his own!