What agency was established under Roosevelt's New Deal to help protect people's money in banks?

The Federal Deposit Insurance Corporation (FDIC) was established under Roosevelt's New Deal in 1933 in response to the widespread bank failures during the Great Depression. The FDIC was created to restore public confidence in the banking system by providing insurance for bank deposits. This means that if a bank were to fail, depositors would be compensated for their losses up to the insured limit, thus protecting people's savings and encouraging them to keep their money in banks rather than withdrawing it or hoarding cash. By securing depositors' funds, the FDIC played a crucial role in stabilizing the financial system and ensuring that the public felt safe using banks for their savings and financial transactions.