What is one of the purposes of the FDIC?

One of the primary purposes of the Federal Deposit Insurance Corporation (FDIC) is to protect depositors by insuring deposits in member banks, up to a certain limit (currently $250,000 per depositor, per insured bank). This insurance helps maintain public confidence in the U.S. banking system, ensuring that individuals do not lose their savings in the event of a bank failure. Additionally, the FDIC also supervises and regulates banks to promote sound banking practices and maintain financial stability.