McFadden later became a "vociferous foe of the Federal Reserve", which he claimed was created and operated by Jewish banking interests who conspired to economically control the United States. 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. McFadden also claimed that Wall Street bankers funded the Bolshevik Revolution through the Federal Reserve banks and the European central banks with which it cooperated.