On June 16, 1933, President Franklin Roosevelt signed the legislation that created the Federal Deposit Insurance Corporation (FDIC), the entity charged with insuring bank deposits. The moment rebuilt something that the Great Depression had annihilated — public trust in the banking system.
The guiding hand of the FDIC meant that now, your money was safe whether the bank was robbed, burned down or failed outright, like so many had over the years as customers watched their life savings evaporate in an instant.
