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