WASHINGTON-On Saturday, June 16, the Federal Deposit Insurance Corp. (FDIC) turned 69 years old. The agency was created under the Banking Act of 1933, spurred by effects of the Great Depression, to insure bank and thrift deposits and promote safety and soundness. The FDIC's mission is "to maintain the stability of and public confidence in the nation's financial system," according to the agency's Web site. Currently, the House of Representatives passed legislation to streamline and update the FDIC, including merging the Bank Insurance Fund and the Savings Association Insurance Fund and increasing deposit insurance coverage, among other things. The Senate has yet to introduce a similar bill, though Senator Richard Shelby (R-Ala.) is reported to be considering it.
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