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The Banking Act of 1933, which created the Federal Deposit Insurance Corporation, was signed by President Franklin Delano Roosevelt. Congress passed the Banking Act, which established the FDIC, in 1933.
The SEC and FDIC were established by the New Deal. These two agencies  the Securities and Exchange Commission and the Federal Deposit Insurance Corporation  had a significant, indirect effect on the nation's farmers.Birdie Farr's father-in-law, Jack, lost money when the bank in Grand Island collapsed.ongress hurriedly created the first Securities and Exchange Commission, and FDR named Wall Street regular Joseph P. Kennedy  the father of later President John F. Kennedy  to be the Commission's first chairman. Banks could no longer buy stocks with depositors' money.