Louis McFadden introduced House Resolution No. 158, Articles of Impeachment against the Secretary of the Treasury, two Assistant Secretaries of the Treasury, the Federal Reserve Board of Governors, and officers and directors of the Federal Reserve Banks for their guilt and collusion in causing the Great Depression.
“I charge them with having unlawfully taken over 80 billion dollars from the United States Government in the year 1928, the said unlawful taking consisting of the unlawful recreation of claims against the United States Treasury to the extent of over 80 billion dollars in the year 1928, and in each year subsequent, and by having robbed the United States Government and the people of the United States by their theft and sale of the gold reserve of the United States.”
The Resolution never reached the floor. A whispering campaign that McFadden was insane swept Washington, and in the next Congressional elections, he was overwhelmingly defeated by thousands of dollars poured into his home district of Canton, Pennsylvania to insure his defeat.
