Depository Institutions Deregulation and Monetary Control Act

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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.
• It allowed credit unions and savings and loans to offer checkable deposits.
• Allowed institutions to charge any interest rates they chose.^[1][2]

[edit] References

[edit] External links

• FDIC page on act

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