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IPFS News Link • Federal Reserve

Impeaching the Federal Reserve? It Happened in 1933… Here's Why

•, Aaron Dykes

Well, there have been those who have tried over the years, but their efforts were over-ridden or ignored. One such example is the impeachment proceedings of Rep. Louis T. McFadden, who charged dozens of Federal Reserve bankers with high crimes and misdemeanors at the height of the Great Depression.

However, his impeachment charges were never followed up on.

In this lengthy transcript from the House Congressional Record on May 23, 1933 during the 73rd Congress, Congressman Louis T. McFadden impeaches some 25 members, including a dozen from the Federal Reserve Board and 13 who were agents or representatives of the Federal Reserve bank branches located in various states throughout the country.

His numerous charges center around the manipulation of gold reserves and the issuance of currency, securities and other monetary instruments for "sinister purposes" – namely to ease, and then later contract, the money supply in the United States, which was a major cause of the Great Depression, and to bolster British and European gold supplies.

His evidence is based, in part, on testimony in the House with former Federal Reserve governor and board member Adolph Caspar Miller – who was in the first batch of appointees to the Federal Reserve governing system when it was established in 1914. Gov. Miller described on record an informal meeting between the heads of the three biggest central banks in Europe and the members of the Federal Reserve system and Treasury in the U.S. during which they discussed actions that were later taken which were "intended" to stabilize European currencies and upset U.S. currency.

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