U.S. Federal Deposit Insurance Corporation (FDIC) said on Tuesday that it would cut its budget and headcounts slightly in 2019.
Acting as the insurance provider to depositors in U.S. commercial banks and savings institutions, the FDIC said that it approved a 2.04 billion U.S. dollars operating budget for 2019, which was 2.3 percent lower than the budget for 2018.
The 2019 budget was 49 percent lower than its peak in 2010, when the FDIC conducted a series of actions to support or take over banks that become insolvent.
Along with the budget cut, the FDIC also approved a net reduction of 182 positions in its current staffing level of 6,083, which would left 5,901 positions within the corporation in 2019.
"This budget supports the FDIC's core mission to protect the stability of the U.S. financial system, while ensuring that the FDIC can increase the pace of innovation as the banking industry evolves," said FDIC Chairman Jelena McWilliams.
"I am pleased to report that we can sustain and improve our operations while achieving a year-over-year decrease in our 2019 operating budget," McWilliams added.
Founded in 1933, the FDIC is an independent agency created by Congress during the great depression, in order to maintain stability and public confidence in the nation's financial system by insuring deposits.
Acting as the insurance provider to depositors in U.S. commercial banks and savings institutions, the FDIC said that it approved a 2.04 billion U.S. dollars operating budget for 2019, which was 2.3 percent lower than the budget for 2018.
The 2019 budget was 49 percent lower than its peak in 2010, when the FDIC conducted a series of actions to support or take over banks that become insolvent.
Along with the budget cut, the FDIC also approved a net reduction of 182 positions in its current staffing level of 6,083, which would left 5,901 positions within the corporation in 2019.
"This budget supports the FDIC's core mission to protect the stability of the U.S. financial system, while ensuring that the FDIC can increase the pace of innovation as the banking industry evolves," said FDIC Chairman Jelena McWilliams.
"I am pleased to report that we can sustain and improve our operations while achieving a year-over-year decrease in our 2019 operating budget," McWilliams added.
Founded in 1933, the FDIC is an independent agency created by Congress during the great depression, in order to maintain stability and public confidence in the nation's financial system by insuring deposits.
Latest comments