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Federal Deposit Insurance Corporation (FDIC)
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> United States > Independent Agencies
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| Website | http://www.fdic.gov |
| Established | June 16, 1933 |
| Disbanded | Still Active |
| Contributor | Scott³ |
| Last Modified | Scott³ May 14, 2009 04:52pm |
| Description |
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public
confidence in the U.S. financial system by insuring deposits in banks and thrift
institutions for at least $250,000; by identifying, monitoring and addressing risks to
the deposit insurance funds; and by limiting the effect on the economy & the financial
system when a bank or thrift institution fails.
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 & 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.
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
$45 billion, the FDIC insures more than $5 trillion of deposits in U.S. banks and thrifts
– deposits in virtually every bank and thrift in the country.
The FDIC employs about 5,000 people. It is headquartered in Washington, D.C., but
conducts much of its business in six regional offices & in field offices around the country.
The FDIC is managed by a five-person Board of Directors, all of whom are appointed
by the President and confirmed by the Senate, with no more than three being from the
same political party.
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 | RACES |
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| Polls Close |
Description |
Takes Office |
| Nov 15, 2012 07:00am |
FDIC Chairman |
Nov 16, 2012 12:00am |
| INFORMATION LINKS |
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