Federal Deposit Insurance Corporation
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| Federal Deposit Insurance Corporation (FDIC) | |
| Founded | 1933 |
|---|---|
| Headquarters | |
| Products | |
| Web site | www.fdic.gov |
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress through the Glass-Steagall Act of 1933 during the Great Depression to maintain public confidence in the U.S. financial system. FDIC does this by insuring deposits in banks and thrift institutions for at least $100,000, by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails.
The FDIC receives no Congressional appropriations – it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities. With an insurance fund totaling more than $49 billion, the FDIC insures more than $3 trillion of deposits in U.S. banks and thrifts – deposits in virtually every bank and thrift in the country.[1]
The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer.
Contents |
History
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An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
Products and Services
Membership
Key People
Sheila C. Bair, Chairman
Martin J. Gruenberg, Vice Chairman
References
- ↑ Who is the FDIC?. FDIC. Retrieved on August 4, 2008.
