The Banking Act of 1933, which included provisions that established the FDIC, was signed by President Franklin Roosevelt on June 16, 1933.
When was FDIC created and why?
- The FDIC, a separate federal agency, was established in 1933 in reaction to the tens of thousands of bank failures that took place in the 1920s and early 1930s.
- Find out more about the FDIC's past.
- In order to ensure stability and public confidence in the country's financial system, Congress established the Federal Deposit Insurance Corporation (FDIC), an independent organization.
- The functions of supervision and receivership management are not fully covered here.
- The savings and loan crisis of the 1980s is not immediately addressed in the document either.
- Savings association deposits were only initially insured by the FDIC in 1989 as a result of the legislation that ended the S&L crisis.
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