“The Federal Reserve Bank of New York is eager to enter into close relationship
with the Bank for International Settlements…. The conclusion is impossible to
escape that the State and Treasury Departments are willing to pool the banking
system of Europe and America, setting up a world financial power independent of and above the Government of the United States…. The United States under present conditions will be transformed from the most active of manufacturing nations into a consuming and importing nation with a balance of trade against it.”
— Louis McFadden
(1876-1936) US Congressman (R-PA) (1915-1935), Chairman of House Banking and Currency Committee. Poisoned in 1936.
Source: quoted in the New York Times (June 1930)