USA HISTORY

Detailed explanation-1: -The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress to maintain stability and public confidence in the nation’s financial system.

Detailed explanation-2: -The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system.

Detailed explanation-3: -Cover Photo: On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC. At Roosevelt’s immediate right and left were Senator Carter Glass of Virginia and Representative Henry Steagall of Alabama, two of the most prominent figures in the bill’s development.

Detailed explanation-4: -The Banking Act established the FDIC. It also separated commercial and investment banking and for the first time extended federal oversight to all commercial banks. The FDIC would insure commercial bank deposits of $2, 500 (later $5, 000) with a pool of money collected from the banks.

Detailed explanation-5: -The initialism “FDIC” stands for the Federal Deposit Insurance Corporation, which is an independent federal agency that offers insurance coverage for depositors. The FDIC was established as a type of consumer protection to help safeguard depositors’ money in case of bank failure.