Profiles of Existing Government Corporations - US Government ...

72
NANX: Federal Deposit In9UranCO Corporation (FDIC)
CORPORATION PROFILE
PDIC
mRPoSE: The FOIC vas eetabli9hed to promote and preeeNe public
confidence in banks and protect the money supply through
provision of insurance coverage for bank depo9ita and periodic
examination of insured state-chartered banks vhich are not
members of the Federal Reeexve Sy9t.m. FDIC approves or
disapproves mergers, coneolidation9, acquieitione, branches and
assumption tran9actione betveen in9ured bank9 where the re9ultLnq
banks are to be inmured non-member atate banks: provides
supervision to maintain the safety and soundne99 of non-member
state bank‘, serving a8 receiver for failed ineured banks; and
financially aeeistm institutions to avert bank failure. Also,
FDIC administer9 applicable consumer and securities laws and
require8 banks to comply vith Fed9ral Reserve regulatione and to
submit reports of condition.
LEGAL AUTRORITY: 40 Stat. 162: 12 U.S.C. 264; 64 Stat 673: 12
U.S.C. 1811-1831'
DATE CREATED: June 16, 1933a
LSGISLATSD TEPXINATION MT'S: FDIC 9hall have 9uccee9ion until
dissolved by an act of Congreee.
LEGAL STATUS: Xixed-ownership government corporation.
AGENCY STATUS: FDIC is a government corporation operating as an
independent regulatory agency.
BOARD01 DIRRCPORS: There are three board member&, the
Comptroller of the Currency vho is a presidential appointee, and
two others vho rhall be U.S. citi9ene and are appointed by the
President, with the advice and consent of the Senate. Appointive
member8 serve 6-years terns, and one is elected by the members of
the Board as Chairman. No more than tvo Board members can be
affiliated with the same political party.
ADVISORY BOARD -RRS: None 9pecified in enabling legislation.
PARENTAGRRCY: None epecified in enabling legislation.
.