The FDIC, or Federal Deposit Insurance Corporation, is a U.S. government agency that protects depositors by insuring deposits in member banks. Established in 1933 during the Great Depression, its main goal is to maintain public confidence in the banking system. Each depositor is insured up to $250,000 per bank, which helps safeguard personal savings. In addition to providing insurance, the FDIC also supervises and regulates financial institutions to ensure their safety and soundness. It plays a crucial role in preventing bank failures and promoting stability in the financial system, contributing to a secure environment for consumers and businesses alike.