Louis Thomas McFadden Quotes

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 Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over. This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government.

 
Context
The Congressman was notorious for his extreme and unusual views of things. See {606976} for another of his extreme statements which turned out to be untrue. McFadden quotations are sometimes used to show that there is almost no limit to how absurd a view a politician in general, or a member of Congress in particular, might take and make public.
Louis Thomas McFadden
Louis Thomas McFadden
  • Born: July 25, 1876
  • Died: October 1, 1936
  • Nationality:
  • Profession:

Louis Thomas McFadden was a Republican member of the United States House of Representatives from Pennsylvania, serving from 1915 to 1935. A banker by trade, he was an opponent of the Federal Reserve System and was the chief sponsor of the 1927 McFadden Act, which limited nationally-chartered banks to only open branch banks within the state in which the main branch was situated.

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