The u.s. banking panic of 1933 and federal deposit insurance
The banking system in the U.S. differs from that of other countries largely due to its decentralized nature and lack of a single central bank responsible for regulating the entire banking sector. The U.S banking system is composed of thousands of banks, each subject to different state and federal regulations depending on its size and location within the country.
This allows for more flexibility than would be available in a centralized banking system, where decisions would be made on behalf of all institutions by one central authority. In addition, most U.S banks are privately owned instead of government-owned as is common in many other countries, which gives them greater freedom to respond to market forces and adjust their business plans accordingly without needing governmental approval or direction.