Which U.S. president signed the 1933 Banking Act that created federal deposit insurance after the Wall Street Crash?

Franklin D. Roosevelt signed the 1933 Banking Act that created federal deposit insurance after the Wall Street Crash.

The law is commonly called the Glass–Steagall Act, although that name can refer specifically to provisions separating commercial and investment banking or more broadly to the 1933 banking legislation. It created the Federal Deposit Insurance Corporation, or FDIC, to insure eligible bank deposits and help restore public confidence.

Roosevelt took office during the banking crisis of 1933 and declared a national bank holiday shortly afterward. Banks were temporarily closed while their condition was reviewed. The new deposit-insurance system later became one of the most important protections for U.S. savers.

The law did not directly prevent the 1929 stock-market crash, which had already occurred. Its purpose was to address banking instability and depositor fear during the Depression’s aftermath.