What the FDIC is doing about second and third-largest bank failures in U.S. history.
formed a bridge bank and transferred assets and deposits from SB, with the FDIC managing the bridge bank pending sale or liquidation. In a joint press release , it was announced that all depositors — even those with balances in excess of FDIC coverage — would be made whole. There would be no cost to taxpayers as FDIC assessment fees to all other banks would cover the multibillion-dollar rescue.
On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC.
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