1932

Republican Representative Louis T. McFadden of Pennsylvania, the Former Chairman of the House Banking & Currency Commission during the great depression, states,"We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board ... This evil institution has impoverished ... the people of the United States ... and has practically bankrupted our government. It has done this through ... the corrupt practices of the moneyed vultures who control it."

In his final year in office, President Herbert Hoover puts forward a plan to bail out the failing banks, he seemed to feel that they took priority over millions of starving Americans, however this plan did not receive support from the Democratic Congress. Hoover's Presidency failing, Franklin D. Roosevelt is elected President later this year.