Federal Deposit Insurance Corporation
From Wikipedia, the free encyclopedia.
The Federal Deposit Insurance Corporation (FDIC) is an independent federal agency created by the Glass-Steagall Act of 1933 . The vast number of bank failures in the Great Depression spurred the United States Congress into creating an institution which would guarantee banks , inspired by the success the Commonwealth of Massachusetts experienced with Deposit Insurance Fund (DIF). The FDIC currently guarantees checking and savings deposits in member banks up to $100,000 per depositor .
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