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The Federal Deposit Insurance Corporation (FDIC) is an independent US government agency that provides insurance to depositors in the event that their bank fails. The FDIC was established in 1933 in response to the widespread bank failures that occurred during the Great Depression. Its goal is to promote stability and public confidence in the US banking system by protecting depositors' funds in the event that their bank fails.
The FDIC insures deposits at most insured banks and savings institutions up to $250,000 per depositor, per insured bank, for each account ownership category. This means that if an insured bank fails, depositors with accounts up to $250,000 are protected by the FDIC and will receive their deposits back in a timely manner.
The FDIC also plays a role in regulating and supervising the US banking system. It works with other regulatory agencies to ensure that banks are operating safely and soundly, and it takes action against banks that engage in unsafe or unsound practices.
Overall, the FDIC is an important agency that helps to promote stability in the US banking system and protect depositors' funds.
