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1、ADeposit Insurance and the Banking Crisis of 1933A M E R I C A N E N T E R P R I S E I N S T I T U T EPaul H.KupiecFEBRUARY 20251Executive SummaryCongress created explicit federal deposit insurance during the Franklin D.Roosevelt administration to buttress depositor confidence in the banking sys-tem

2、.Federal Deposit Insurance Corporation(FDIC)deposit insurance was only one of many emer-gency measures taken by the federal government to stabilize the banking system.There is an exten-sive literature discussing this historic chapter of US banking history,but most literature that is focused on the p

3、rovision of FDIC deposit insurance tends to obscure the contributions of the other emergency measures taken by federal government.This report discusses the contribution of de facto and de jure deposit insurance within the context of the many emergency federal government measures taken to stabilize t

4、he banking system.The report will argue that federal deposit insurance played a critical role in stabilizing the banking system.However,it was the success of President Roosevelts implicit promise of a federal government guarantee of all deposits in banks licensed to reopen following the national ban

5、k holiday,not limited FDIC deposit insurance,that was instrumental in restoring banking system stability.This report does not present any new data or empirical hypothesis tests,nor is it an exhaustive sur-vey of the literature.Instead,it draws on prior authors research,government reports,original la

6、ws,and pres-idential executive orders to offer an informed view on the relative importance deposit insurance played in stabilizing the banking system after the panic of 1933.2Deposit Insurance and the Banking Crisis of 1933Paul H.KupiecFederal deposit insurance was famously created early in the Fran