As a result of the Great Depression, Republican Senator Arthur Vandenberg and Democratic Representative Henry Steagall strove to restore public confidence after a massive series of bank runs in early 1933 caused 4,004 banks to close, with an average of $900,000 in deposits. These banks were merged into stronger banks; many months later, depositors received compensation for roughly 85% of their former deposits.[citation needed] Although President Roosevelt did not like the idea of the FDIC, as a former banker himself, he agreed to the measure to stop the hemorrhaging of the banks' available cash and the American people's trust in the U.S. Banking System.

This is where I got my information that it was a R and a D. Wikipedia