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Amsterdam, chairman of the Board of International Acceptance Bank, 

and numerous other banks, railways and corporations. "Kuhn Loeb & 

Co. with Warburg have four votes or the majority of the Federal 

Reserve Board."29

Despite his retirement from Kuhn, Loeb Company in May of 1914 to 

serve on the Federal Reserve Board of Governors, Warburg was asked 

to appear before a Senate Subcommittee in June of 1914 and answer 

some questions about his behind-the-scenes role in getting the Federal 

Reserve Act through Congress. This might have meant some questions 

about the secret conference in Jekyll Island, and Warburg refused to 

appear. On July 7, 1914 he wrote a letter to G.M. Hitchcock, Chairman 

of the Senate Banking and Currency Committee, stating that it might 

impair his usefulness on the Board if he were required to answer any 

questions, and that he would therefore withdraw his name. It seemed 

that Warburg was prepared to bluff the Senate Committee into 

confirming him without any questions asked. On July 10, 1914, The New 

York Times defended Warburg on the editorial page and denounced 

the "Senatorial Inquisition". Since Warburg had not yet been asked any 

questions, the term "Inquisition" seemed remarkably inappropriate, nor 

was there any real danger that the Senators were preparing to use 

instruments of torture on Mr. Warburg. The imbroglio was resolved when 

the Senate Committee, in abject surrender, agreed that Mr. Warburg 

would be given a list of questions in advance of his appearance so 

that  he  could  go  over  them,  and  that  he  could  be  excused  from 

answering any questions which might tend to impair his service on the 

Board of Governors. The Nation reported on July 23, 1914 that "Mr. 

Warburg finally had a conference with Senator O’Gorman and 

agreed to meet the members of the Senate Subcommittee informally,