How was the federal deposit insurance corporation meant to prevent another depression

According to a teacher:

The Federal Deposit Insurance Corporation (FDIC) was a federal agency created under the New Deal policies by President Franklin D. Roosevelt. The goal of this agency was to help re-establish faith in American banks. Before Roosevelt was president, roughly one third of all banks failed/ran out of money. This resulted in millions of Americans losing their life savings.

To ensure this type of economic depression did not happen again, FDR created this agency in order to provide insurance for individual bank accounts up to a certain amount. Along with this, the FDIC would work to restructure banks who failed during the Depression. This agency still exists today and helps ensure that banks do not fail again.

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