It was created by a secret group.
Aldrich invited men he knew and trusted, or at least men of influence who he felt could work together. They included Abram Piatt Andrew, assistant secretary of the Treasury; Henry P. Davison, a business partner of Morgan's; Charles D. Norton, president of the First National Bank of New York; Benjamin Strong, another Morgan friend and the head of Bankers Trust; Frank A. Vanderlip, president of the National City Bank; and Paul M. Warburg, a partner in Kuhn, Loeb & Co. and a German citizen.
Its basic functions are to loan and create money for the Government and the Banks.
People hate it because it was created in secret, loans money at below market rates to banks, creates money to finance the government which equates to a hidden tax.