Created in 1933 after thousands of bank failures; no depositor has lost a cent of insured deposits since. It examines thousands of state-chartered banks and runs the weekend resolutions of failing ones.
Open the interactive page for FDIC →Created byBanking Act of 1933 (Glass-Steagall, 48 Stat. 162); reorganized by the Federal Deposit Insurance Act of 1950
Head appointed12 U.S.C. § 1812: 5-member Board — 3 appointed by President with Senate consent for 6-yr terms (one must have state bank supervisory experience), plus the Comptroller of the Currency and the CFPB Director ex officio; Chairperson designated by President with Senate consent for a 5-yr term; max 3 from one party (PAS)
Removal standardno statutory protection — the FDI Act is silent on removal of appointed directors
Funded undernot appropriated — risk-based deposit-insurance assessments on insured depository institutions, 12 U.S.C. § 1817(b), held in the Deposit Insurance Fund, 12 U.S.C. § 1821(a)(4)
Congressional oversightHouse Financial Services · Senate Banking, Housing, and Urban Affairs
Inspector generalown PAS IG — converted from agency-appointed to presidential appointment with Senate confirmation by P.L. 103-204 (1993)
Judicial reviewEnforcement orders reviewed in courts of appeals, 12 U.S.C. § 1818(h)(2); receivership claims channeled through the administrative process of 12 U.S.C. § 1821(d) with a bar on injunctions against the receiver, § 1821(j); bank examination reports shielded from FOIA by Exemption 8, 5 U.S.C. § 552(b)(8)
Comment on proposed bank rules; vote for President and Senate, who appoint and confirm the board. The FDIC is funded by bank premiums rather than appropriations, which insulates it from annual budget pressure.
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