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

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1000 - Federal Deposit Insurance Act


FEDERAL DEPOSIT INSURANCE ACT

SECTION 1. FEDERAL DEPOSIT INSURANCE CORPORATION.

(a)  ESTABLISHMENT OF CORPORATION.--There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the "Corporation") which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this Act, and which shall have the powers hereinafter granted.

[Codified to 12 U.S.C. 1811(a)]

[Source:  Section 2[1(a)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, as amended by section 202 of title II of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 188), effective August 9, 1989; section 22(a)(1) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2407), effective July 1, 1995]

(b)  ASSET DISPOSITION DIVISION.--

(1)  ESTABLISHMENT.--The Corporation shall have a separate division of asset disposition.

(2)  MANAGEMENT.--The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.

(3)  RESPONSIBILITIES OF DIVISION.--The division of asset disposition shall carry out all of the responsibilities of the Corporation under this Act relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.

[Codified to 12 U.S.C. 1811(b)]

[Source:  Section 2[1(b)] of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, as added by section 22(a)(2) of the Act of December 17, 1993 (Pub. L. No. 103--204; 107 Stat. 2407), effective July 1, 1995]

NOTE

Derivation.  Section 1 derives from section 12B(a) of the Federal Reserve Act, as added by section 8 of the Act of June 16, 1933 (Pub. L. No. 66; 48 Stat. 168), effective June 16, 1933. Section 12B(a) of the Federal Reserve Act was amended by section 101[12B(a)] of title I of the Act of August 23, 1935 (Pub. L. No. 305; 49 Stat. 684), effective August 23, 1935. By section 1 of the Act of September 21, 1950 (Pub. L. No. 797; 64 Stat. 873), effective September 21, 1950, section 12B of the Federal Reserve Act was withdrawn as a part of that Act and was made a separate act known as the "Federal Deposit Insurance Act."


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