oct 16, 1863 - The Banking Act was passed, which established the Federal Deposit Insurance Corporation (FDIC).

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In reaction to the Great Depression,Congress passed the Banking Act of 1933. The Act also established the Federal Deposit Insurance Corporation (FDIC), to insure customer deposits in case of bank failures, which had been a major issue at the beginning of the Depression. This helped to increase customer confidence, which decreased the number of bank runs. If a bank is in danger of collapsing, the FDIC can seize the bank, sell it to a stronger one, or liquidate it and pay off the depositors.

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