Muaawiyah B New Deal FDIC

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  • The Federal Deposit Insurance Corporation (FDIC) was put into place in 1933 during The Great Depression. It was born because of failing banks.
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  • The FDIC was created to instill confidence in the US banking system. It was not funded by the federal government and instead was funded by insurance premiums banks paid to the FDIC.
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  • The FDIC insured deposits made in Federally insured banks up to 250,000$. It also supervised banks that were not part of the federal banking system, this included all private banks and many state banks.
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  • It was created to help the US economy recover, this was part of the Recovery "R" and also a small part of the Reform "R" as it brought faith back into US banking and also helped alleviate the consequences of banks that failed and would fail later on.
  • The FDIC was largely a success as it brought faith back into US banking.
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  • The insurance given by the federal government helped weak banks stay afloat.
  • The Current day FDIC is almost unchanged from its 1930s sibling. It continues to keep faith in the US banking system with its insurance policy and by watching the effect of failing banks on the economy
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