Louis McFadden

Louis McFadden   (banker, politician)
Born	July 25, 1876 Granville Center, Troy Township, Bradford County, Pennsylvania
Died	October 1, 1936 (Age 60) New York City
Cause of death	"coronary thrombosis"
Victim of	premature death
Interests	US Federal Reserve
Party	Republican
US/Senate/Committee on Banking and Currency/Chair In office June 7, 1920 - March 4, 1931  Member of the U.S. House of Representatives from Pennsylvania's 14th district In office March 4, 1915 - March 3, 1923 Succeeded by Louis McFadden  Member of the U.S. House of Representatives from Pennsylvania's 15th district In office March 4, 1923 - January 3, 1935 Preceded by Louis McFadden

Louis McFadden was opposed to the US Federal Reserve.

Career

McFadden was elected to Congress in 1914 and sat there until 1934. Though a Republican, he moved to impeach President Herbert Hoover in 1932 and introduced a resolution to bring conspiracy charges against the Board of Governors of the Federal Reserve.

He also made a 25-minute speech on the House floor accusing the Federal Reserve of deliberately causing the Depression. At the time, the chairman of the Federal Reserve Board was Eugene Meyer ,who resigned after Franklin D. Roosevelt was inaugurated as president in 1933 and purchased the Washington Post at a bankruptcy auction.

Later, in 1933, McFadden introduced House Resolution No. 158, Articles of Impeachment for the Secretary of the Treasury, two assistant Secretaries of the Treasury, the Board of Governors of the Federal Reserve, and the officers and directors of its twelve regional banks.

This was the end of McFadden political career. In the election of 1934, he lost his reelection bid to Democrat Charles E. Dietrich by 561 votes.

Federal Reserve

In his June 10, 1932, address on the House floor, he declared:

Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government board, has cheated the Government of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through defects of the law under which it operates, through the maladministration of that law by the Federal Reserve Board and through the corrupt practices of the moneyed vultures who control it.

From the Atlantic to the Pacific our country has been ravaged and laid waste by the evil practices of the Federal Reserve Board and the Federal Reserve banks and the interests which control them … This is an era of economic misery, and for the conditions that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable.

What is needed here is a return to the Constitution of the United States. We need to have a complete divorce of Bank and State. The old struggle that was fought out here in Jackson's day must be fought over again…The Federal Reserve Act should be repealed and the Federal Reserve Banks, having violated their charters, should be liquidated immediately. Faithless Government officers who have violated their oaths of office should be impeached and brought to trial. Unless this is done by us, I predict that the American people, outraged, robbed, pillaged, insulted, and betrayed as they are in their own land, will rise in their wrath and send a President here who will sweep the money changers out of the temple.

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