Federal Deposit Insurance Corporation facts for kids

Kids Encyclopedia Facts
Federal Deposit Insurance Corporation
Seal of the United States Federal Deposit Insurance Corporation.svg
Agency overview
Formed June 16, 1933
Jurisdiction Federal government of the United States
Headquarters Washington, D.C.
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 (2012 -09-30) 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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Federal Deposit Insurance Corporation Facts for Kids. Kiddle Encyclopedia.