FDIC Celebrates 75 Years as a Pillar of the American Banking System
The year 2008 marks the 75th anniversary of the FDIC. For 75 years, deposit insurance has given consumers peace of mind that their insured money is safe. No depositor has ever lost a penny of insured funds at an FDIC-insured institution. FDIC has been and continues to be the pillar of the American banking system.
To celebrate its 75th anniversary and to demonstrate ongoing commitment to consumers, Chairman Bair launched the Face Your Finances road show. The initiative was announced on June 16, 2008, at the anniversary launch in Washington, DC. Chairman Bair traveled to Chicago, San Francisco, Dallas, New York City, and Kansas City, Missouri. In each city, Chairman Bair met with community leaders to discuss deposit insurance, what it means to be an FDIC-insured institution, the costs and benefits of banking services, and the consumer protections resulting from federal regulation of the banking industry. Panel discussions were held, addressing bank services as they relate to building assets and accessing mainstream credit services, including mortgage loans. The discussions were intended to elicit information that can be used in financial literacy initiatives and informational materials.
Additionally, the FDIC has on display at its headquarters location an exhibit that shows the FDIC’s history and explores how the FDIC and the banking industry have changed over time. The photographs, charts, cartoons, maps and other images presented will take visitors from inception through the banking and the savings and loan crisis to a typical week in the life of the FDIC today. An audio-visual portion of the exhibit offers excerpts from President Franklin D. Roosevelt’s first fireside chat addressing the 1933 banking crisis, as well as film clips on the creation of the agency and more.