FDIC Board Approves 2016 Operating Budget
December 15, 2015
Barbara Hagenbaugh, (202) 898-6993
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