FDIC (Federal Deposit Insurance Corporation) (7h 48min, jan 1, 1933 y – 11h 44min, mar 20, 1933 y)
Description:
~insures customer deposits if a bank fails
~by 2008 each depositor's basic accounts in bank were insured up to 250,000$
~federal legislation severely restricted peoples' ability to redeem dollars for gold
~currency then became fiat money backed only by the government's decree
~this happened so that the Federal Reserve could maintain a money supply
Added to timeline:
The history of american banking
Date:
