Which U.S. corporation was created in 1933 to insure bank deposits?

The Federal Deposit Insurance Corporation was created in 1933 to insure bank deposits.

The FDIC was established by the Banking Act of 1933 during the Great Depression, when thousands of American banks failed and depositors often lost their savings. Deposit insurance was intended to restore public confidence in the banking system and reduce destabilizing bank runs.

The FDIC began operations in 1934. It insures deposits at participating banks up to a statutory limit per depositor, per insured bank, for each ownership category. The coverage applies to eligible deposit accounts, not to investments such as stocks, bonds, or mutual funds.

The FDIC is different from the Federal Reserve, which conducts monetary policy and supervises parts of the banking system. It is also separate from the Securities and Exchange Commission, which regulates U.S. securities markets.