Federal Deposit Insurance Corporation facts for kids
|Federal Deposit Insurance Corporation|
|Formed||June 16, 1933|
|Jurisdiction||Federal government of the United States|
|Employees||8,713 (Dec. 2012)|
|Agency executive||Martin J. Gruenberg, Chairman|
The Federal Deposit Insurance Corporation (FDIC) aims to keep people’s money safe. Specifically, the money people put into American banks. If money is lost they will replace it. The FDIC will replace up to $250,000 per person, per bank. As of September 30, 2012[update] the FDIC insured 7,895 different banks or institutions. The FDIC also watches banks or institutions for problems or failings.
The FDIC was made during the Great Depression by President Franklin Roosevelt in June 1933. This is an important occurrence in United States history because it guaranteed people their money. This also helped people feel safer when using banks in the United States.
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The FDIC's satellite campus in Arlington, Virginia, is home to many administrative and support functions, though the most senior officials work at the main building in Washington
Federal Deposit Insurance Corporation Facts for Kids. Kiddle Encyclopedia.