The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
What impact did the FDIC have?
- In the event that financial institutions collapse, the Federal Deposit Insurance Corporation (FDIC) is an independent organization that offers deposit insurance for bank accounts and other assets in the United States.
- The FDIC was established to increase customer trust in the soundness and stability of the country's financial system.
- The Banking Act of 1933, also known as the Glass-Steagall Act, established the Federal Deposit Insurance Corporation (FDIC), an independent U.S. government corporation, with the mandate to regulate certain banking practices and to insure bank deposits in eligible banks against loss in the event of a bank failure.
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