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Deposits in national banks and other financial institutions that qualify are insured by the Federal Deposit Insurance Corporation up to a predetermined limit.
The endeavor to restore confidence in the banking sector began only a few days after President Franklin Roosevelt took office in March 1933, with the emergency legislation. Congress recognized the need for significant banking sector reform, which ultimately resulted in the Banking Act of 1933, sometimes known as the Glass-Steagall Act. Sen.
Carter Glass (D-VA) and Rep. Henry Steagall supported the legislation, which was created "to provide for the safer and more effective use of the assets of institutions, to regulate interbank control, to prevent the undue diversion of funds into speculative operations, and for other objectives" (D-AL). The main driver behind the act was Glass, a former Treasury secretary.
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