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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

Roosevelt Fireside Chat Listen to President Franklin D. Roosevelt speak to the nation regarding the banking crisis on March 12, 1933.


Link to speech
Transcript of Speech by President Franklin D. Roosevelt regarding the banking crisis - March 12, 1933

Videos

FDIC Exhibit Shows Economic History (Courtesy of News Channel 4, Washington, DC)

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.

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 Directory of the Federal Deposit Insurance Corporation was sworn in at the Treasury Department, Washington, D.C., on September 11, 1933.

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.

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.
 

Graphic of FDIC Learning Bank Logo

 

Historical Perspectives
Read historical studies of deposit insurance from the 1930s, including research on the extraordinary number of bank failures in the 1980s & early 1990s.

 

FDIC.gov Changes

 


Last Updated 03/30/2009		 communications@fdic.gov

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