ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1933
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1945
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1956
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1968
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Detailed explanation-1: -The Banking Act of 1933, which created the FDIC, was signed by President Roosevelt on June 16, 1933.
Detailed explanation-2: -The Banking Act of 1933 authorized the FDIC to pay up to $2, 500 to depositors in insured banks that failed. The only pro-cedure to be used to pay depositors was a Deposit Insurance National Bank (DINB), a new national bank chartered without any capitalization and with limited life and powers.
Detailed explanation-3: -On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC.
Detailed explanation-4: -FDIC Timeline From 1933 to 1980 1934: Deposit insurance coverage is initially set at $2, 500, and is then raised midyear to $5, 000.