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Officially created in the Glass-Steagall Act of 1933 and modeled after the deposit insurance program initially enacted in Massachusetts, the FDIC guaranteed a specific amount of checking and savings deposits for its member banks.

Originally denounced by the American Bankers Association as too expensive and an artificial support of bad business activity, the FDIC was declared a success when only nine additional banks closed in 1934.

The FDIC's purpose was to provide stability to the economy and the failing banking system.Our strategy is to assemble and nurture a faculty whose interests and skills complement each other, and who work well together: a) to produce a broad range of finance-related research that is published in top-tier scientific and practitioner journals, and that addresses issues of present and future importance to managers (including regulators and policy makers); b) to develop highly-relevant and intellectually rigorous MBA and executive education courses; and c) to mentor future academics through the Business Economics doctoral program.Our applied focus and access to business organizations are major advantages which are reinforced by our students and our case-based approach.1980 Bank Crisis to Present Inflation, high interest rates, deregulation and recession created an economic and banking environment in the 1980s that led to the most bank failures in the post-World War II period.Inflation and a change in the Federal Reserve monetary policy led to increased interest rates.

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