1250

Assets:

In order to protect depositors in insured banks, the Federal Deposit Insurance Corporation is authorized to insure such depositors in the maximum amount of $10 thousand; to examine all insured banks not members of the Federal Reserve System and, in certain situations for insurance purposes, to examine national and State chartered banks which are members of the Federal Reserve System; to participate in the regulation of mergers involving insured banks; and to promulgate and enforce rules and regulations relating to the supervision of insured banks, the withdrawal of deposit insurance, and other regulatory and supervisory matters consistent with its responsibility as insurer.

The income of the Corporation is derived principally from insurance assessments paid by insured banks and interest on investments in U.S. Government securities. No funds derived from taxes or Federal appropriations are allocated to or used by the Corporation. There is no capital stock outstanding. The Corporation is authorized to borrow from the United States Treasury and the Secretary of the Treasury is authorized and directed to loan to the Corporation, on such terms as may be fixed by the Corporation and the Secretary, not to exceed $3 billion outstanding when, in the judgment of the Board of Directors of the Corporation, such funds are required for insurance purposes (see schedule in part I of the appendix). No borrowings under this authorization have been made to date and none are anticipated in 1965 or 1966.