Federal
Deposit Insurance Corporation (FDIC)
Facts for kids
The following fact
sheet contains interesting facts and information on Federal Deposit Insurance Corporation
Facts about
the Federal Deposit Insurance Corporation (FDIC) for
kids
Federal Deposit Insurance Corporation Fact
1: Background: The 1929 Stock Market
Crash, that triggered the Great Depression, led to the
closure of thousands of banks. Many people lost their
life savings and the banks were seen as so unsafe that
people began hoarding their money at home
Federal Deposit Insurance Corporation Fact
2: Background: At this time bank
failures were seen as the product of bad management and
not subject to corrective action by the Federal Reserve
Federal Deposit Insurance Corporation Fact
3: Background: In October 1931 bankers
in the private FDICtor attempted to address the crisis by
organizing a National Credit Corporation to extend loans
to troubled banks but the corporation failed within just
a few weeks
Federal Deposit Insurance Corporation Fact
4: Background: Bankers and business
leaders appealed to the federal government for
assistance and the Hoover Administration responded by
creating the Reconstruction Finance Corporation (RFC) a
new federal lending agency but the number of bank
failures and depositor losses continued to grow
Federal Deposit Insurance Corporation Fact
5: President Roosevelt knew that he had
to restore confidence in the US banking system and
signed the Emergency Banking Relief Act
into law on March 9, 1933 which was soon followed by the
Glass-Steagall Act,
also known as the Banking Act of 1933, on June 16, 1933
Federal Deposit Insurance Corporation Fact
6: There was formidable opposition in
Congress to the idea of federal deposit insurance but
the idea received enormous public support. The critics
were silenced and the FDIC was established
Federal Deposit Insurance Corporation Fact
7: FDICtion 8 of the Glass-Steagall Act (Banking Act
of 1933) created the Federal Deposit Insurance corporation through
an amendment to the
1913 Federal Reserve Act. It was initially intended as a
temporary federal deposit insurance plan
Facts about
the Federal Deposit Insurance Corporation (FDIC) for
kids
Facts about
the Federal Deposit Insurance Corporation (FDIC) for
kids
The following fact
sheet continues with facts about Federal Deposit Insurance Corporation.
Facts about
the Federal Deposit Insurance Corporation (FDIC) for
kids
Federal Deposit Insurance Corporation Fact
8: What is the Federal Deposit Insurance
Corporation? The Federal Deposit Insurance Corporation
(FDIC) is an independent federal agency that was created
to promote public confidence and stability in the
nation's banking system during the Great Depression.
Federal Deposit Insurance Corporation Fact
9:
The FDIC initially insured bank customers against the loss
of up to $5,000 of their deposits if their bank should
collapse.
Federal Deposit Insurance Corporation Fact
10: The FDIC is managed by a board of directors
consisting of 3 directors, appointed by the president with the
consent of the Senate for six-year terms. The Comptroller of the
Currency, J. F. T. O'Connor, was designated as a director of the
FDIC
Federal Deposit Insurance Corporation Fact
11: The FDIC was given the task of
insuring individual deposits in banks, up to a certain
specified limit
Federal Deposit Insurance Corporation Fact
12: The FDIC accepted all banks for
insurance that it found to be solvent
Federal Deposit Insurance Corporation Fact
13: Banks that participated in the FDIC
program were subject to a series of annual examinations
to ensure that each bank was being operated properly.
Federal Deposit Insurance Corporation Fact
14: The FDIC acts as adviser to the court
in corporate bankruptcy cases.
Federal Deposit Insurance Corporation Fact 15:
The Banking Act of 1935 terminated the temporary
federal deposit insurance plan and inaugurated the permanent plan.
Federal Deposit Insurance Corporation Fact 16:
No depositor has ever lost a cent of insured
deposits since the Federal Deposit Insurance Corporation (FDIC) was
created in 1933. Currently, savings deposits are insured against
bank failures up to a limit of $250,000.
Facts about
the Federal Deposit Insurance Corporation (FDIC) for
kids
Federal Deposit Insurance Corporation for kids - President Franklin Roosevelt Video
The article on the
FDIC provides detailed facts and a summary of one of the important events during his presidential term in office. The following
Franklin Roosevelt video will
give you additional important facts and dates about the political events experienced by the 32nd American President whose presidency spanned from March 4, 1933 to April 12, 1945.
Federal Deposit Insurance Corporation
(FDIC)
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Interesting Facts about the FDIC for kids and schools
●
Summary of the Fed Deposit Insurance Corporation in US history
● important, key
events during the Great Depression
●
Franklin Roosevelt
Presidency from March 4, 1933 to April 12, 1945
●
Fast, fun facts about the Fed Deposit Insurance Commission
●
Foreign & Domestic
policies of President Franklin Roosevelt
● Franklin Roosevelt Presidency and
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