The Aldrich Act, formally known as the Aldrich Bill, was a significant piece of legislation introduced in the United States in 1908. It aimed to reform the banking system by establishing a central banking authority to manage the nation's money supply and provide financial stability. The act was named after Nelson Aldrich, a prominent senator who played a key role in its development. Despite its intentions, the Aldrich Act faced criticism for concentrating too much power in the hands of bankers. It ultimately did not pass, but it laid the groundwork for future reforms, leading to the creation of the Federal Reserve System in 1913, which established a more decentralized and flexible banking system.