Congress
Congressman Louis T. McFadden, Chairman of the House Committee on Banking and Currency from 1920–31, accused the Federal Reserve of deliberately causing the Great Depression. In several speeches made shortly after he lost the chairmanship of the committee, McFadden claimed that the Federal Reserve was run by Wall Street banks and their affiliated European banking houses.
Many Congressmen who have been involved in the House and Senate Banking and Currency Committees have been open critics of the Federal Reserve, including Chairmen Wright Patman, Henry Reuss, and Henry B. Gonzalez. Congressman Ron Paul, Chairman of the Monetary Policy Subcommittee in 2011, is a staunch opponent of the Federal Reserve System, and routinely introduces bills to abolish the Federal Reserve System, although these have been unsuccessful, garnering neither cosponsors nor hearings.
Ron Paul also introduced H.R. 459: Federal Reserve Transparency Act of 2011, which passed the House on July 25, 2012. This act required an audit of the Federal Reserve Board and the twelve regional banks, with particular attention to the valuation of its securities.
Read more about this topic: Criticism Of The Federal Reserve
Famous quotes containing the word congress:
“I have been up to see the Congress and they do not seem to be able to do anything except to eat peanuts and chew tobacco, while my army is starving.”
—Robert E. Lee (1807–1870)
“The veto is a President’s Constitutional right, given to him by the drafters of the Constitution because they wanted it as a check against irresponsible Congressional action. The veto forces Congress to take another look at legislation that has been passed. I think this is a responsible tool for a president of the United States, and I have sought to use it responsibly.”
—Gerald R. Ford (b. 1913)
“What have Massachusetts and the North sent a few sane representatives to Congress for, of late years?... All their speeches put together and boiled down ... do not match for manly directness and force, and for simple truth, the few casual remarks of crazy John Brown on the floor of the Harper’s Ferry engine-house,—that man whom you are about to hang, to send to the other world, though not to represent you there.”
—Henry David Thoreau (1817–1862)