The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that was created in 1933. Its primary purpose is to protect depositors by insuring deposits in member banks, ensuring that individuals do not lose their savings if a bank fails. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC also plays a crucial role in maintaining public confidence in the U.S. financial system. It supervises and examines financial institutions for safety and soundness, promoting stability in the banking sector. By providing insurance and oversight, the FDIC helps to foster a secure banking environment for consumers and businesses alike.