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Jim Butcher: Federal Deposit Insurance Corporation During the early 1930's, the United States experienced one of the worst financial crises in history -- resulting in the bankruptcy of many financial institutions, and the loss of millions of dollars by common citizens. To help end this crisis, the Federal Deposit Insurance Corporation (FDIC) was established ... as part of the Banking Act of 1933. An independent agency of the United States Government, the FDIC became fully operational in 1934, providing a way for banks to obtain insurance to cover the funds of all their depositors. Thus, insured banks could guarantee depositors that they would be protected up to the limit of that insurance in the event of the bank's failure. Today, the FDIC insures the deposits of nearly every bank in the United States. If an insured bank closes and is unable to pay its depositors, the FDIC pays them up to $100,000 each. In addition, the FDIC makes loans to reopen closed banks or to keep banks from closing in the first place. Nationwide, the FDIC stands behind over 14,000 banks ... with an estimated $1.4 trillion in cumulative deposits. This painting was originally used on the Fleetwood® First Day of Issue Cover for the U.S. 20¢ FDIC stamp issued January 12, 1984. Artwork Copyright © 1984 Unicover Corporation. All Rights Reserved under United States and international copyright laws. You may not reproduce, distribute, transmit, or otherwise exploit the Artwork in any way. Images of the Artwork may be watermarked and/or digitally watermarked. Any sale of the physical original does not include or convey the Copyright or any right comprised in the copyright.
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