The Federal Deposit Insurance Corporation (FDIC) The Federal Deposit Insurance Corporation (FDIC) in an independent agency of the United States Congress that was created in 1933 in a section of the Federal Reserve Act. It’s main propose is to insure banks in the event of bank failure. In 1950, a section of the act concerning the corporation was amended and makes a separate law, the Federal Deposit Insurance act. This act provides up to $100,000 insurance for each person who puts money into an insured bank. All the banks that are members in the Federal Reserve System automatically become insured by the corporation including the national banks chartered by the comptroller of the currency under federal law and state-chartered banks that get membership in the system. Other banks may be insured if they meet qualifications for the insurance. In 1989, the ....

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Number Of Words: 410

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