The Aldrich Bill was a piece of legislation proposed in 1911 by Senator Nelson Aldrich of Rhode Island. It aimed to reform the banking system in the United States by creating a central bank to manage the nation's money supply and stabilize the economy. The bill sought to address issues related to financial panics and the lack of a coordinated banking system. Despite its intentions, the Aldrich Bill faced significant opposition and was ultimately not passed. Critics argued that it concentrated too much power in the hands of bankers and could lead to monopolistic practices. The discussions surrounding the bill eventually contributed to the creation of the Federal Reserve System in 1913.