What is the FDIC? How long has it been around?
The Federal Deposit Insurance Corporation (FDIC) is an agency of the U.S. government established in 1933 in response to rampant bank failures during the 1920s and early 1930s. The Banking Act of 1933 created the FDIC, which, in the event of a bank failure, insures the money (up to certain amounts) people have on deposit in banks. According to the FDIC, no depositor has ever lost a penny of FDIC-insured funds.
