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Finance and Accounting - Essay Example
Finance & Accounting
Pages 7 (1757 words)
Finance and Accounting Name Instructor Task Date Definition of FDIC According to Cole (2009), Federal Deposit Insurance Corporation (FDIC) is a U.S. government institution instigated by the Glass-Steagall Act in 1933. It offers deposit insurance that assures the security of deposits in affiliate banks…
Government. Since the institution of FDIC insurance in January 1934, no client has lost any deposited funds as a result of malfunction. This paper delves into the history of FDIC, its administration, operations, functions and effectiveness. It also looks into its performance over the years, whether or not it is regulated by laws and whether or not it is still a preferable insurance institution. My proposition with regard to FDIC is that has fulfilled its goals and revitalized many malfunctioned banks. Board of Directors This is the administrative body of the FDIC. It comprises of five members, three nominated by the U.S. president with the conformity of the U.S. Senate and two non-executive members. The three nominated by the president have six years of service. Only two representatives of the board may be of similar political inclination. The president, with the permission of the Senate, also selects one of the chosen representatives as chairperson of the board for five-year of service. In addition, another of the members is designated as vice chairperson of the board for a five-year term. History In the 1930s, the U.S. and many other countries around the world went through a harsh economic recession that is referred to as the Great Depression. ...
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