Rep. Carter Glass proposed a decentralized and private sector-dominated system, with a board made up primarily of private bankers, 20 or more regional reserve banks, and with currency a private bank liability. Glass, a southern Democrat with a marked antipathy to centralized power, intended his proposal to be differentiated from the (similarly private sector-dominated) Aldrich Plan largely by the absence of a central institution, but to Glass's horror, Wilson told him to add a central agency (in Wilson's own word, a "capstone") to his model.Lowenstein, pp. 182-3.
