The FDIC insurance limit was last raised in 2008. Here's how it works
The FDIC exists to help the banking system cope with exactly the type of crisis we're now seeing: When it was created in 1933, some 4,000 banks had closed in the first few months alone.
The FDIC was created 90 years ago to help the U.S. navigate a catastrophe that put thousands of banks out of business. Its mission is to keep panic and turbulence from collapsed institutions like Silicon Valley Bank, the second-largest bank failure in U.S. history, from spreading through the financial system.
Now the agency is once again working to convince citizens and businesses that their money is safe, hoping to avert bank runs that would deepen the current banking crisis.
The FDIC
