FDIC: Efforts to Support Financial and Housing Markets (CRS)

The Federal Deposit Insurance Corporation (FDIC) was established as an independent
government corporation under the authority of the Banking Act of 1933, also known as the GlassSteagall Act (P.L. 73-66, 48 Stat. 162, 12 U.S.C.) to insure bank deposits. This report discusses
recent actions taken by the FDIC in support of housing and financial markets, including a
temporary increase in deposit insurance as required by the Emergency Economic Stabilization
Act of 2008 (P.L. 110-343), the resolution of bank failures, the development of the Temporary
Liquidity Guarantee Program (TLGP), and efforts to reduce foreclosures. In addition, the report
discusses the role of the FDIC in the Obama Administration’s Homeowner Affordability and
Stability Plan (HASP) announced on February 18, 2009, to help prevent 7 to 9 million
foreclosures at a cost of $75 billion.
This report will be updated as events warrant