Federal Deposit Insurance Corporation
Published on Nov 18, 2015
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PRESENTATION OUTLINE
(FDIC) definition - the government agency that insures customer deposits if a bank fails.
At first, FDIC insurance covered losses up to $2,500. Today the amount insured has risen to $100,000 per account.
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In addition, federal legislation passed during the Great Depression severely restricted individuals' ability to redeem dollars for gold.
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Eventually, currency became flat money backed only by the government's decree that establishes its value. In this way, the federal reserve could maintain a money supply at adequate levels to support a growing economy.
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On March 5, 1933, Roosevelt declared a national "bank holiday" and closed the nations banks. Within a matter of days the sound banks began to reopen. The "bank holiday" was a desperate last resort to restore trust in the nation's financial system.
Photo by Will Montague
