History of the FDIC
FDIC Exhibit
The exhibit takes you through our history and explores how the FDIC and the banking industry have changed over time. This virtual exhibit is based on the exhibit located at the FDIC building in Washington, DC.
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.
List of FDIC Chairmen - This is the list of those who served as Chairman (or Acting Chairman) since the FDIC's inception in 1933.
Audio
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
Your Bank Has Failed: What Happens Next? - The FDIC was featured on CBS 60 Minutes on May 31, 2009, taking over a failed bank.
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
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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.
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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.
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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 1700's to 2005.
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.