Created in 1933 due to many bank failures in the 1920s
June 16, 1933, President Roosevelt signed the Banking Act which established the FDIC
Started on January 1, 1934
Is still going on today
A recovery program
The FDIC preserves public confidence in the U.S. financial system by insuring deposits in the bank. They are funded by the banks themselves. When the FDIC first began the insurance coverage level was $2,500. It now insures $250,000 coverage per depositor. They also ensure that the people who deposit will get their money back when needed.
This program was created during the Great Depression. After many banks failing, they created the FDIC to help the people. Once they became an industry bank runs no longer made a threat to the banking industry. They provided a deposit insurance to banks. In 1933 the FDIC was a temporary government corporation but later became a permanent agency of the government by 1935. It is still around today.
Franklin D Roosevelt
Born on January 30, 1882
Franklin signed the bill to enact the Banking Act in 1933
His first attempt at a national office did not work
Became the longest serving president in U.S, history
FDR had polio
He was the first president to fly in a plane
He was also the first president to leave the country during wartime