The Aldrich Plan was a proposal for banking reform in the United States, developed by Senator Nelson Aldrich in 1911. It aimed to create a central banking system to stabilize the economy and manage the money supply. The plan suggested a central bank that would be privately controlled but accountable to the government. The proposal faced significant opposition, leading to concerns about the concentration of financial power. Ultimately, the Aldrich Plan influenced the creation of the Federal Reserve System in 1913, which established a more decentralized and publicly accountable central banking structure.