Difference between revisions of "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 [[money|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. | The '''Federal Deposit Insurance Corporation''' (FDIC) is an agency which insures deposits in bank institutions in the event of [[money|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<ref>{{cite web|url=http://www.fdic.gov/news/news/speeches/archives/1997/sp23jan97.html|title=FDIC Symposium:History of the Eighties: Lessons for the Future|author=Ricki Helfer, FDIC Chairman|date=January 16, 1997|accessdate=October 22, 2012}}</ref> | + | 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;<ref>{{cite web|url=http://www.fdic.gov/news/news/speeches/archives/1997/sp23jan97.html|title=FDIC Symposium:History of the Eighties: Lessons for the Future|author=Ricki Helfer, FDIC Chairman|date=January 16, 1997|accessdate=October 22, 2012}}</ref> the current limit (set in 2011) is $250,000. |
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| + | 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.<ref>[https://www.americanbanker.com/opinion/theres-no-downplaying-the-impact-of-operation-choke-point There's no downplaying the impact of Operation Choke Point]</ref><ref>[https://www.forbes.com/sites/norbertmichel/2018/11/05/newly-unsealed-documents-show-top-fdic-officials-running-operation-choke-point/#f08622511911 Newly Unsealed Documents Show Top FDIC Officials Running Operation Choke Point]</ref> | ||
==See also== | ==See also== | ||
Latest revision as of 04:36, July 17, 2019
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
- ↑ 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
