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Depository Institutions Deregulation and Monetary Control Act of 1980
Depository Institutions Deregulation and Monetary Control Act of 1980

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!!! Overview
[{$pagename}] is a [United States federal government] [financial] statute passed in [1980|Year 1980] and signed by President Jimmy Carter on March 31.
[{$pagename}] gave the [Federal Reserve] greater control over non-member [Bank].
[{$pagename}] 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 Account]s (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.
!! More Information
There might be more information for this subject on one of the following:
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This page (revision-1) was last changed on 29-Nov-2024 16:16 by UnknownAuthorTop