Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was a German-born American investment banker who served as the second vice chairman of the Federal Reserve from 1916 to 1918.

Prior to his term as vice chairman, Warburg served as one of the original members of the Federal Reserve Board, taking office in 1914.

He similarly worked for Samuel Montagu & Co., bankers, in London in 1889–1890, and the Banque Russe pour le Commerce Etranger in Paris in 1890–1891.

Russell Leffingwell, who served variously as the Assistant Secretary of the Treasury, head of the Council on Foreign Relations, and chairman of J.P. Morgan,[5] credited Warburg with doing "yeoman's service in preaching the doctrines and practices of modern [central] European banking" while all other "friends of sound money" were so occupied with battling against the free silver movement that they gave scant thought to the need for currency reform.

Seligman, an advocate of central banking,[10] was impressed with Warburg's extensive knowledge of the financial system and reportedly told him that "It's your duty to get your ideas before the country.

"[11] The chief reason for this lagging state of development was the lack of a central institution that could rediscount bank promissory notes to facilitate the exchange of promises of future payment for cash.

[16] By 1908, Warburg had gained enough recognition that Nelson Aldrich, the Republican senator from Rhode Island, consulted him for advice on currency reform.

[16] In 1910, Aldrich invited Warburg to attend a secret meeting with other influential bankers on Jekyll Island in Georgia, where the draft of a bill to establish a central bank was worked out.

But modern scholars such as Elmus Wicker,[19] Murray Rothbard,[20] William Greider,[21] and Griffin[18] believe that the Aldrich and Owen–Glass bills are so similar that there is little doubt the latter plan was heavily influenced by the former.

[1][2] On March 8, 1929, Warburg warned of the disaster threatened by the wild stock speculation then rampant in the United States, foreshadowing Wall Street crash of 1929 which occurred in October of that year.

The cartoon character, Oliver "Daddy" Warbucks in the Little Orphan Annie series, was purportedly inspired by Warburg's life and times.