Word: fdic
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Dates: during 1930-1939
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...insured (up to $5,000 per account) by Federal Deposit Insurance Corp., Chairman Leo Crowley sent a letter asking for statistics on the number of their accounts over $5,000 in size. Recalling that Chairman Henry Steagall of the House Banking Committee had advocated increased coverage, Chairman Crowley said FDIC was willing to raise the ante if the additional risk were "very small." Previous estimates showed that about 95% of U. S. deposits were covered by the present limit. But a new estimate is in order, now that bank deposits have risen to a near-record peak...
...corporation which TVA evangels never include in their critical remarks about power corporations is the TVA itself. Like RFC, FDIC, Commodity Credit Corp., TVA is Government corporation in business. In its buying and selling, making contracts, filing suits, its status as an incorporated concern relieves it of much red tape. Last week Dr. Arthur E. Morgan, who used to be top officer of TVA Corp., reminded his onetime colleagues, Directors Harcourt Morgan and David Lilienthal, that corporations have to take the bad along with the good, as Messrs. Harcourt Morgan and Lilienthal have often reminded the power corporations...
...immediately apparent that Acting Comptroller Marshall Diggs, FDIC Chairman Leo Crowley and Secretary of the Treasury Morgenthau preferred to regard bank regulations as safeguards for depositors. Last week, after hot & heavy debate, the four reached a compromise "through the usual democratic processes of give & take." The National Association of Supervisors of State Banks approved. So did Franklin Roosevelt. The new rules go into effect July first. Important changes...
...activities of the three Federal agencies which supervise U. S. banking activities-the Federal Reserve System, Federal Deposit Insurance Corp. and Comptroller of the Currency. Franklin Roosevelt asked for such action in an inconspicuous part of his April 14th message to Congress. Last week Secretary of the Treasury Morgenthau, FDIC Chairman Leo Crowley, Acting Comptroller of the Currency Marshall Diggs and several Federal Reserve officers sat down to see if the simplification could not be accomplished without legislation. First problem tackled was bank examinations, now conducted differently by all three agencies. At week's end it was reported...
...total assets which FDIC has in hand to wager amount to some $385,000,000, of which about a fifth has come from assessments (one twelfth of 1% per annum of total deposits) on those 13,800 U. S. banks which are now insured. In case of another crisis such as 1933, the FDIC could issue its bonds, notes or debentures to a total in one year of $975,000,000. Thus FDIC has or can raise a maximum of a billion and a quarter dollars as an anchor to windward for some 20 billion in deposits. Whether the anchor...