In a speech in the House of Representatives in December 1931, McFadden accused Paul Warburg, one of the leading forces behind the Federal Reserve Act, of “having engineered the great depression.” On June 10, 1932, McFadden made a 25-minute speech before the House of Representatives, in which he accused the Federal Reserve of deliberately causing the Great Depression. After the expulsion from Washington, D.C., of the veteran petitioners of the Bonus Army, which he called "the greatest crime in modern history", McFadden moved to impeach President Herbert Hoover in 1932, and he also introduced a resolution bringing conspiracy charges against the Board of Governors of the Federal Reserve. The impeachment resolution was defeated by a vote of 361 to 8; it was seen as a big vote of confidence to President Hoover from the House. According to Time magazine McFadden was "denounced and condemned by all Republicans for his 'contemptible gesture'." The Central Press Association reported that he was "virtually read out of his party ... [had] his committee posts ... taken away from him…was ostracized by Republicans [and] called crazy ...". Sen. David A. Reed (R-PA) said "We intend to act to all practical purposes as though McFadden had died". In 1933, he introduced House Resolution No. 158, which included articles of impeachment for the Secretary of the Treasury, two assistant Secretaries of the Treasury, the Board of Governors of the Federal Reserve, and the officers and directors of its twelve regional banks. In 1934, he made several anti-Semitic comments from the floor of the House and in newsletters to his constituents wherein he cited the Protocols of the Elders of Zion, claimed the Roosevelt administration was controlled by Jews, and objected to Henry Morgenthau, Jr., who was Jewish, becoming Secretary of the Treasury. Drew Pearson claimed in his "Washington Merry-Go-Round" column that, in a publication by the American fascist Silver Shirts, McFadden had been "extensively" quoted "in support of Adolf Hitler". In September the Nazi tabloid Der Stuermer praised McFadden. He was also lauded by the publications of William Dudley Pelley, leader of the Silver Shirts, on several occasions. On election day that year he lost to Charles E. Dietrich by "about 2,000 votes". This was the only election between 1912 and 1950 when the district elected a Democrat. According to McFadden's Jewish Telegraphic Agency obituary: "In January 1935, he announced his candidacy for president with the backing