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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Press Releases

FDIC Board Approves 2016 Operating Budget

FOR IMMEDIATE RELEASE
December 15, 2015
Media Contact:
Barbara Hagenbaugh, (202) 898-6993
Email: mediarequests@fdic.gov

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a $2.21 billion operating budget for 2016, down 4.7 percent from 2015. The Board also approved an authorized staffing level of 6,569 positions for 2016, a net reduction of 317 positions authorized for 2015.

"As the U.S. banking industry continues to show improvement and the number of bank failures steadily declines, we remain focused on fulfilling the responsibilities of our mission while prudently managing costs," FDIC Chairman Martin Gruenberg said.

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 6,270 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-97-2015

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