Overview#Depository Institutions Deregulation and Monetary Control Act of 1980 is a United States federal government financial statute passed in 1980 and signed by President Jimmy Carter on March 31.
Depository Institutions Deregulation and Monetary Control Act of 1980 forced all banks to abide by the Federal Reserve's rules.
- allowed banks to merge.citation needed
- removed the power of the Federal Reserve Board of Governors under the Glass–Steagall Act to use Regulation Q to set maximum interest rates for any Transaction Account other than Demand Deposit Accounts (with a six-year phase-out).
- allowed Negotiable Order of Withdrawal accounts to be offered nationwide.
- raised the deposit insurance of US banks and credit unions from $40,000 to $100,000.
- allowed credit unions and savings and loans to offer Transaction Account.
- allowed Financial Institutions to charge any loan interest rates they chose.