Depository Institutions Deregulation and Monetary Control Act

• 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.
• It allowed credit unions and savings and loans to offer checkable deposits.
• Allowed institutions to charge any interest rates they choose.Michelle Minton, , Competitive Enterprise Institute, No. 132, March 20, 2008.John Atlas and Peter Dreier, , The American Prospect, December 18, 2007.
• Required banks be charged Fed Float for use of funds received before clearing between depository institutions.

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