Federal Deposit Insurance Corporation

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The Federal Deposit Insurance Corporation (FDIC) is an agency which insures deposits in bank institutions in the event of financial failure. Current policies insure the first $250,000 of deposits for an account holder. It was established during Franklin Delano Roosevelt's New Deal, through the Glass-Steagall Act of 1933.

Initially, the FDIC insured the first $2,500 in each deposit account. In July 1934, the limit was raised to $5,000. In 1969 the limit was raised to $20,000, and in 1974 it increased to $40,000. In 1980, the limit was raised to $100,000[1]; the current limit (set in 2011) is $250,000.

During the Obama Administration, the FDIC was weaponized with Operation Choke Point in order to use banks as an end-runaround the Second Amendment by denying funding to gun manufacturers.[2][3]

See also

References

  1. Ricki Helfer, FDIC Chairman (January 16, 1997). FDIC Symposium:History of the Eighties: Lessons for the Future. Retrieved on October 22, 2012.
  2. There's no downplaying the impact of Operation Choke Point
  3. Newly Unsealed Documents Show Top FDIC Officials Running Operation Choke Point