dec 29, 1933 - Federal deposit insurance became effective on January 1, 1934, providing depositors with $2,500 in coverage, and by any measure it was an immediate success in restoring public confidence and stability to the banking system. Only nine banks failed in 1934, compared to more than 9,000 in the preceding four years.
Added to timeline:
Date:
dec 29, 1933
Now
~ 90 years ago
