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History of the FDIC
The FDIC was created in 1933
in response to the thousands of bank failures that occurred in the 1920s and
early 1930s. As the FDIC celebrates its
75th anniversary, we present a historical perspective on the rich history of
protecting consumers.
Audio
Videos
Newsreel of the First Deposit Insurance Disbursement (No sound available)
View video
On July 5, 1934, Mrs. Lydia Lobsiger received the first federal deposit insurance disbursement, following the failure of the Fon Du Lac State Bank in East Peoria, Illinois.
News
Reports on the First 50 Years of FDIC History
View video
In a TV report from July 1983, Jane Bryant Quinn on CBS Morning News reviews 50 years of FDIC history. This video also includes speeches from then-Chairman William Isaac and then-Vice President George Bush.
Pictures
On June 16, 1933, President Franklin Roosevelt signed the Banking Act of
1933, a part of which established the FDIC.
At Roosevelt's immediate
right and left were Sen. Carter Glass of Virginia and Rep. Henry Steagall of
Alabama, the two most prominent figures in the bill's development. |
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.
From left, E. G. Bennett, FDIC Director: Walter J. Cummings, FDIC Chairman;
J. F. T. O'Connor, Comptroller of the Currency and FDIC Board Member.
Administering the oath is J. F. Douglas of the Treasury Department. |
On September 9, 1947, FDIC Chairman Maple Harl (right) presented to Under
Secretary of the Treasury A.L.M. Wiggins a check for $146 million, repaying
more than half of the government's initial funding of the FDIC. The
balance was repaid in 1948. |
Other Historical Photos
View a
collection of 1930's pictures depicting the banking crisis and the FDIC's
response.
Historical Timeline
A chronology of the FDIC and other banking events from the FDIC
Learning Bank, an educational tool for students, teachers, and parents.
Read historical studies of deposit insurance from the 1930s, including
research on the extraordinary number of bank failures in the 1980s & early
1990s.
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