As a result of the great depression, congress established deposit insurance to make sure depositors did not lose money in a bank failure
This is further explained below.
<h3>What is
the great depression,?</h3>
Generally, The Great Depression, which lasted from 1929 to 1939, was the greatest economic slump in the history of the industrialized world. It started after the 1929 stock market catastrophe, which paralyzed Wall Street and caused the loss of millions of investors.
In conclusion, As a response to the Great Depression, Congress passed a law that mandated financial institutions to provide depositors with insurance in the event that the institution failed.
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