Louis McFadden, Republican
Member of the United States House of Representatives from 1915 to 1935,
principal sponsor of the McFadden Act of 1927, described the FED with the
following words:
“Some people think that the
Federal Reserve Banks are United States Government institutions. They are
private monopolies which prey upon the people of the United States for the
benefit of themselves and their foreign customers; foreign and domestic
speculators and swindlers; and rich and predatory money lenders.”
The Vital Needs Theory - page 80