The FDIC is like money in the bank, only better. The Federal Insurance Corporation (FDIC) promises that depositors' money is safe in the event a bank fails. The FDIC, created in 1933 in response to the bank runs during the Great Depression, insures deposits and retirement accounts in member banks and thrifts for up to $250,000. It also supervises and conducts examinations of banks and thrifts. The agency has six regional offices across the country, in addition to its headquarters in Washington, DC. Funded by premiums paid by member banks and thrifts, the FDIC is managed by a five-person board of directors, all of whom are appointed by the US President and confirmed by the Senate.