In what year was the Federal Deposit Insurance Corporation (FDIC) created?

The Federal Deposit Insurance Corporation (FDIC) was created in 1933 in response to the widespread bank failures during the Great Depression. The establishment of the FDIC aimed to restore public confidence in the nation's banking system by providing deposit insurance, which protects depositors' funds in the event of a bank failure. This federal insurance program significantly bolstered the stability of the banking sector and has been pivotal in ensuring that individuals can trust banks with their savings. The establishment of the FDIC marked a significant shift in banking regulation, reflecting the need for stronger safeguards against financial crises.