The First Fifty Years: A History of the FDIC 1933-1983 - Softcover

Federal Deposit Insurance Corporation

Softcover

ISBN 10: 1081587547 ISBN 13: 9781081587543

Publisher: Independently published, 2019

Synopsis

"On March 3 banking operations in the United States ceased. To review at this time the causes of this failure of our banking system is unnecessary. Suffice it to say that the government has been compelled to step in for the protection of depositors and the business of the nation."As President Franklin D. Roosevelt spoke these words to Congress on March 9, 1933, the nation's troubled banking system lay dormant. More than 9,000 banks had ceased operations between the stock market crash in October 1929 and the banking holiday in March 1933. The economy was in the midst of the worst economic depression in modern history.Out of the ruins, birth was given to the FDIC three months later when the President signed the Banking Act of 1933. Opposition to the measure had earlier been voiced by the President, the Chairman of the Senate Banking Committee and the American Bankers Association. They believed a system of deposit insurance would be unduly expensive and would unfairly subsidize poorly managed banks. Public opinion, however, was squarely behind a federal depositor protection plan. This publication looks at the history of the FDIC from its inception in 1933 to 1983.

Edition details

• Publisher: Independently published
• Publication date: 2019
• ISBN 10: 1081587547
• ISBN 13: 9781081587543
• Binding: Paperback
• Language: English
• Number of pages: 152