FDIC

(noun)

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation operating as an independent agency created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks.

Related Terms

Examples of FDIC in the following topics:

  • Strengthening the Monetary System

    • The Federal Deposit Insurance Corporation (FDIC) was established.
    • All the FDIC insured banks were required to become or to apply to become members of the Federal Reserve System by July 1, 1934 (the deadline was later extended).

  • Debt and the Stock Market Plunge

    • Greenspan preserved the core New Deal safeguards, such as the United States Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), the GI Bill and Social Security, while rolling back what he viewed as the excesses of 1960's and 1970's liberal policies.

  • Banking and Finance Reform

    • The act also established the Federal Deposit Insurance Corporation (FDIC), which insured deposits for up to $2,500, ending the risk of runs on banks.

  • The Great Depression

    • In 1933, Roosevelt created the Federal Deposit Insurance Corporation (FDIC), which provided a legal protection against bank losses.