Depository Institutions Deregulation and Monetary Control Act


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Depository Institutions Deregulation and Monetary Control Act

The 1980 federal legislation that ended the regulation of the banking industry.

Depository Institutions Deregulation and Monetary Control Act

Legislation in the United States that deregulated banks while giving the Federal Reserve more authority over non-member banks. Particularly, it required non-member banks to abide by Federal Reserve decisions but allowed greater leeway in bank mergers and in individual banks setting their own interest rates. The Act also raised deposit insurance to $100,000 per account. It is informally known as the Monetary Control Act.
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