The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category.
US Federal Deposit Insurance Corporation (FDIC) created
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks.
Historical Significance
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks.
Events Before
Jacob Coxey Sr. is chosen as the Mayor of Massillon, Ohio
Jacob Sechler Coxey Sr. (April 16, 1854 – May 18, 1951), sometimes known as General Coxey, was an American politician and perennial candidate.
Italian-American film director Frank Capra (34) weds second wife, American secretary Lucille Warner (29) in Brooklyn, NY
Italian-American film director Frank Capra (34) weds second wife, American secretary Lucille Warner (29) in Brooklyn, NYC, until her death in 1984
As a member of the gold medal-winning US four-man bobsleigh team at Lake Placid, Eddie Eagan becomes the only Olympian t
As a member of the gold medal-winning US four-man bobsleigh team at Lake Placid, Eddie Eagan becomes the only Olympian to win gold medals at both the Summer (boxing gold in Antwerp 1920) and Winter Games in different sports
Sydney Harbour Bridge opens in Sydney, Australia
The Sydney Harbour Bridge is a steel through arch bridge in Sydney, Australia, spanning Sydney Harbour from the central business district (CBD) to the North Shore.
"Grand Hotel" directed by Edmund Goulding and starring Greta Garbo and John Barrymore premieres in New York, includes th
"Grand Hotel" directed by Edmund Goulding and starring Greta Garbo and John Barrymore premieres in New York, includes the line "I want to be alone" (Best Picture/Production 1932)
Events After
Federal Deposit Insurance Corporation (US bank guarantor) comes into effect
Federal Deposit Insurance Corporation (US bank guarantor) comes into effect
American comedian and actor Lou Costello (27) weds American burlesque dancer Anne Battler (21)
Louis Francis Cristillo (March 6, 1906 – March 3, 1959), better known as Lou Costello, was an American comedian, actor and producer.
FDR devalues the US dollar relative to gold to $35 per ounce
FDR devalues the US dollar relative to gold to $35 per ounce
British-American entertainer Bob Hope (30) weds American singer Dolores DeFina (24) in Erie, Pennsylvania, until his dea
British-American entertainer Bob Hope (30) weds American singer Dolores DeFina (24) in Erie, Pennsylvania, until his death in 2003
"It Happened One Night" directed by Frank Capra and starring Clark Gable and Claudette Colbert opens at NY's Radio City
"It Happened One Night" directed by Frank Capra and starring Clark Gable and Claudette Colbert opens at NY's Radio City Music Hall (Academy Awards Best Picture, Director, Actor, Actress and Screenplay 1935)
More from the 1930s
birth
David McKee is born
David McKee, British writer and illustrator, known for british writer and illustrator, was born on 1935-01-02.
birth
Jim Bakker is born
Jim Bakker televangelist, known for american televangelist, was born on 1939-01-02. James Orsen Bakker is an American televangelist and convicted felon.
birth
Roger Miller is born
Roger Miller, American musician, known for american country musician, was born on 1936-01-02. Roger Dean Miller Sr.
Claus von Stauffenberg is promoted to Second Lieutenant
Claus Philipp Maria Justinian Schenk Graf von Stauffenberg was a German army officer who is best known for his failed attempt on 20 July 1944 to assassinate Adolf Hitler at the Wolf's Lair, part of...
Frequently Asked Questions
- What happened on June 16, 1933?
- The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common.
- Why is US Federal Deposit Insurance Corporation (FDIC) created significant?
- The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks.