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The Banking Act of 1933, which created the Federal Deposit Insurance Corporation, was signed by President Franklin Delano Roosevelt. Congress passed the Banking Act, which established the FDIC, in 1933.
Contact. The Federal Deposit Insurance Corporation, insures deposits in savings and banking institutions. When depositing funds with an FDIC-insured institution, your deposits are covered up to $100,000.The FDIC was created during the financial chaos of the Great Depression.The stock market crash in October of 1929, and the subsequent crash in March of 1933, prompted the U.S. Government to create a federally-backed corporation that would provide stability and reassurance to the public.ontact. The Federal Deposit Insurance Corporation, insures deposits in savings and banking institutions. When depositing funds with an FDIC-insured institution, your deposits are covered up to $100,000.