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. The FDIC is still around today, and it performs the same service that it did during the Great Depression.
Other Corporations:
There were numerous other government corporations created during the Great Depression.
One of those corporations is the Federal Housing Administration, or the FHA. The FHA was established in in 1934. It was created to insure loans given to people building or buying houses. The FHA also helped improve living conditions, and to give people a straight-forward payment plan for their house.
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