What U.S. government agency was created by the Glass-Steagall Act to insure bank deposits?

The Federal Deposit Insurance Corporation was created by the Glass–Steagall Act to insure bank deposits.

More precisely, the Banking Act of 1933—commonly called the Glass–Steagall Act in discussions of its banking reforms—established the FDIC during the Great Depression. President Franklin D. Roosevelt signed the law on June 16, 1933, after years of bank failures and repeated public demands for federal deposit protection.

The new corporation was designed to restore confidence in the banking system. It initially created temporary insurance, with coverage set at $2,500 per depositor in early 1934. The permanent insurance structure soon settled at $5,000, and the limit was raised repeatedly over subsequent decades.

The FDIC is often confused with the Federal Reserve, which conducts monetary policy and supports the banking system, or the Office of the Comptroller of the Currency, which charters and supervises national banks. The FDIC insures deposits at participating banks and resolves failed institutions; it does not insure investments such as stocks or mutual funds. The Banking Act of 1935 made the FDIC permanent.