The FDIC was created by the 1933 Banking Act, by
President Franklin Delano Roosevelt, in the aftermath of the crash that heralded
the Great Depression. It is guaranteed
by the US government, and has a US$100 million credit line with the US Treasury
that can be expanded as needed. For the
FDIC to fail, the entirety of the US government has to fail. Should it come to that, losing your deposit
would be the least of your worries.
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