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Do you think the $250,000 limit was an accident? Someone tripped on a keyboard and that’s how the provision capping the insured amount came to be in the law?
by bradleyjg 4y ago
Do you think the $250,000 limit was an accident? Someone tripped on a keyboard and that’s how the provision capping the insured amount came to be in the law?
- alpineidyll3 4y agoSince it was the result of single moment in time 100 years ago and never adjusted, yes it was basically an accident of history.
- bradleyjg 4y agoYou really think the FDIC limit was $250k in 1933? I mean go ahead and google but you should have been able to intuit this one.
- smugma 4y ago“Only six months after the creation of the FDIC, government leaders realized the initial $2,500 limit was not enough to effectively support the banking system. So, on July 1, 1934, the FDIC limit was doubled to $5,000.”