Depository Institutions Deregulation and Monetary Control Act
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Description:
The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980, gave the Federal Reserve greater control over non-member banks.
It forced all banks to abide by the Fed's rules.
It allowed banks to merge.
It removed the power of the Federal Reserve Board of Governors under the Glass–Steagall Act and Regulation Q to set the interest rates of savings accounts.
It raised the deposit insurance of US banks and credit unions from $40,000 to $100,000.