Today was a work day to research. This is my research:
The FDIC and others:
During the Great Depression many people were withdrawing their money from banks because they were in fear of banks failing, and losing their money like many other banks had. Because of this the Banking Act of 1933 was created under President Franklin Roosevelt. This Act created the FDIC which is a corporation that provides deposit insurance for people using banks that are covered by the FDIC. Deposit insurance makes sure that anyone’s money that was deposited into any of the covered banks was safe, even if that bank failed and went bankrupt, everyone’s money would still be safe.
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