Depository Institutions Deregulation and Monetary Control Act: Difference between revisions
Content deleted Content added
added Jimmy Carter signing and ref |
|||
Line 1: | Line 1: | ||
{{Primary sources|date= October 2008}} |
{{Primary sources|date= October 2008}} |
||
The '''Depository Institutions Deregulation and Monetary Control Act''', a [[United States federal law|United States federal]] financial statute law passed in 1980 |
The '''Depository Institutions Deregulation and Monetary Control Act''', a [[United States federal law|United States federal]] financial statute law passed in 1980 and was signed by President [[Jimmy Carter]] on March 31st.<ref>http://www.presidency.ucsb.edu/ws/index.php?pid=33206#axzz1mquUfO88</ref> It gave the [[Federal Reserve]] greater control over non-member banks. |
||
* It forced all banks to abide by the Fed's rules. |
* It forced all banks to abide by the Fed's rules. |
Revision as of 18:11, 19 February 2012
The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980 and was signed by President Jimmy Carter on March 31st.[1] It 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 choose.[2][3]
- Required banks be charged Fed Float for use of funds received before clearing between depository institutions.
References
- ^ http://www.presidency.ucsb.edu/ws/index.php?pid=33206#axzz1mquUfO88
- ^ Michelle Minton, The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit, Competitive Enterprise Institute, No. 132, March 20, 2008.
- ^ John Atlas and Peter Dreier, The Conservative Origins of the Sub-Prime Mortgage Crisis, The American Prospect, December 18, 2007.
External links