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Question
Elijah is concerned that his bank is making poor financial decisions and worries that his $1,200
deposited in savings will be lost if the bank were to fail. As long as his bank meets the necessary requirements, which of the following protects Elijah against this potential loss?(1 point)
Responses
fractional-reserve banking
fractional-reserve banking
Glass-Steagall
Glass-Steagall
Home Owners' Loan Act
Home Owners' Loan Act
Federal Deposit Insurance Corporation
1 answer
The correct response is Federal Deposit Insurance Corporation.
The Federal Deposit Insurance Corporation (FDIC) protects depositors by insuring deposits, which means that if a bank fails, depositors can recover their money up to a certain limit (currently $250,000 per depositor, per bank).
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