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Federal Deposit Insurance history
Federal Deposit Insurance company history timeline
Steagall, then chairman of the House Banking and Currency Committee, agreed to support the act with Glass after an amendment was added to permit bank deposit insurance.1 On June 16, 1933, President Roosevelt signed the bill into law.
The first Board of Directors of the Federal Deposit Insurance Corporation was sworn in at the Treasury Department, Washington, D.C., on September 11, 1933.
Since the first day of coverage on January 1, 1934, not one cent of a deposit has been lost due to bank failure.
The fund became permanent in July 1934 and the limit was raised to $5,000.
Although earlier state-sponsored plans to insure depositors had not succeeded, the FDIC became a permanent government agency through the Banking Act of 1935.
On September 21, 1950, congress passed the FDIC Act of 1950.
On October 16, 1966, the FDIC coverage limit was increased to $15,000 by statute.
Effective November 27, 1974, the Federal Deposit Insurance Act was amended to raise the FDIC coverage limits for individuals and businesses to $40,000.
50 Year of FDIC History - In a TV report from July 1983, Jane Bryant Quinn on CBS Morning News reviews 50 years of FDIC history.
Your Bank Has Failed: What Happens Next? - The FDIC was featured on CBS 60 Minutes on May 31, 2009, taking over a failed bank.
On July 21, 2010 this increase was made permanent by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Beginning July 21, 2011, financial institutions became allowed, but not required, to offer interest-bearing demand accounts.
In early 2020, the United States began experiencing the impacts of the COVID-19 pandemic.
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Federal Deposit Insurance competitors
| Company Name | Founded Date | Revenue | Employee Size | Job Openings |
|---|---|---|---|---|
| U.S. Securities and Exchange Commission | 1934 | $370.0M | 4,301 | - |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 917 |
| Office of the Comptroller of the Currency | 1863 | $350.0M | 3,518 | 1 |
| Consumer Financial Protection Bureau | 2010 | $90.0M | 1,591 | - |
| Federal Reserve Bank of New York | - | - | 3,500 | - |
| Federal Reserve Bank of Dallas | 1919 | $171.9M | 1,000 | 3 |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 143 |
| Federal Housing Finance Agency | 2008 | $26.0M | 731 | - |
| CME Group | 1848 | $6.1B | 4,500 | 18 |
| Citi | 1812 | $74.3B | 210,000 | 3,929 |
Federal Deposit Insurance history FAQs
Zippia gives an in-depth look into the details of Federal Deposit Insurance, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Federal Deposit Insurance. The employee data is based on information from people who have self-reported their past or current employments at Federal Deposit Insurance. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Federal Deposit Insurance. The data presented on this page does not represent the view of Federal Deposit Insurance and its employees or that of Zippia.
Federal Deposit Insurance may also be known as or be related to Federal Deposit Insurance, Federal Deposit Insurance Corporation, Federal Deposit Insurance Corporation (FDIC), Federal Deposit Insurance Corporation (fdic) and The Federal Deposit Insurance Corporation (FDIC).