US Federal Reserve System, established in 1913. Paul was a member of the first Federal Reserve Board, and its Vice Chairman until his resignation in August 1918. American and German Warburgs Felix and Paul Warburg emigrated to the United States. There they became the two mainstays of the German-American branch, out of the five German born Warburg brothers. The brothers worked out of New York City where nearly all the male members formed a close bond with the Kuhn, Loeb & Co. investment banking firm. An American based, but internationally sound firm which at one time toyed with creating a branch abroad that was presumed would operate most efficiently with the aid of the families international connections. While in NYC, Felix Warburg married Frieda Schiff, only daughter of Jacob H. Schiff, a banker who grew up in Frankfurt and had ties to the German Warburgs. Schiff financed most of the American rail system through his investment bank of Kuhn, Loeb & Co. and interacted with newly American Warburgs, as brothers Felix and Paul each eventually made senior partner for, and each married into some of the prominent families with the investment banking firm of Kuhn, Loeb & Co., at the time, run by Schiff. Beginning with the marriage of Jacob Schiff in 1875 to Therese Loeb, a daughter of co-founder Solomon Loeb, becoming a full partner in the business firm shortly after. In 1895, Paul Warburg married Nina Loeb, daughter of Solomon Loeb of Kuhn, Loeb & Co.,having met her at the wedding of brother Felix Warburg who had married Jacob Schiff's daughter, Frieda. But, originally it was founding partner Abraham Kuhn who concentrated the family wealth and cemented business relations with newly immigrated distant cousin, Solomon Loeb, by his marriage to Kuhn's sister. Shortly thereafter the two became full partners in their newly established New York banking investment firm of, Kuhn, Loeb & Co. In more recent times Schiff's great-great grandson Drew, previously was married to Al Gore's daughter, Karenna, who has risen in place at the Union Theological Seminary. UTS shares a partnership with the Jewish Theological Seminary, each located in NYC in Manhattan, where the JTS has historically been associated as well, with the Jewish Museum. Having ties to America and Germany like many other prominent Jewish financial families, the Warburgs abroad maintained close ties to their Jewish roots. The Felix M. Warburg House in New York