Owen D. Young (seated in the center), who co-authored the Dawes Plan, consulted and collaborated with Reichsbank president Hjalmar Schacht (foreground right, seen in profile) on the plan that would replace it in 1929. Although the Young Plan reduced Germany’s overall reparations obligations, it was targeted by a coalition of conservative and nationalist politicians who, under the leadership of Alfred Hugenberg, sponsored a referendum to reject it. The campaign was joined and supported by the Nazis who, though still regarded as a fringe movement, used the anti-Young campaign to gain publicity and attract support from mainstream conservatives.