who was the federal deposit insurance corporation intended to help
depositors in US banks
title: Federal Deposit Insurance Corporation text: Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in title: Federal Deposit Insurance Corporation text: discussion on deposit insurance. In 1893, William Jennings Bryan presented a bill to Congress proposing a national deposit insurance fund. No action was taken, as the legislature paid more attention to the agricultural depression at the time. After 1907, eight states established deposit insurance funds. Due to the lax regulation of banks and the widespread inability of banks to branch; small, local unit banks—often with poor financial health—grew in numbers, especially in the western and southern states. In 1921, there were about 31,000 banks in the US. The Federal Reserve Act initially included a provision for nationwide deposit insurance, but title: Federal Deposit Insurance Corporation text: characteristics of FDIC deposit insurance, and addresses common questions asked by bank customers about deposit insurance. Only the above types of accounts are insured. Some types of uninsured products, even if purchased through a covered financial institution, are: Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's title: Federal Deposit Insurance Corporation text: been created to insure deposits held by savings and loan institutions ("S&Ls", or "thrifts"). Because of a confluence of events, much of the S&L industry was insolvent, and many large banks were in trouble as well. FSLIC's reserves were insufficient to pay off the depositors of all of the failing thrifts, and fell into insolvency. FSLIC was abolished in August 1989 and replaced by the Resolution Trust Corporation (RTC). On December 31, 1995, the RTC was merged into the FDIC, and the FDIC became responsible for resolving failed thrifts. Supervision of thrifts became the responsibility of a new agency, the title: Federal Deposit Insurance Corporation text: 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category. The FDIC and its reserves are not funded by public funds; member banks' insurance dues are the FDIC's primary source of funding. The FDIC also has a US$100 billion line of credit with the United States Department of the Treasury. Only banks are insured by the FDIC; credit unions are insured up to the same insurance limit by the National Credit Union Administration, which is also a government agency. As of the end of 2017, the FDIC provided deposit insurance at 5,670 institutions. The FDIC also