Depository Institutions Deregulation and Monetary Control Act: Difference between revisions
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{{Infobox U.S. legislation |
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| shorttitle = Depository Institutions Deregulation and Monetary Control Act |
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| othershorttitles = {{unbulleted list|Depository Institutions Deregulation and Monetary Control Act of 1980|Consumer Checking Account Equity Act of 1980|Depository Institutions Deregulation Act of 1980|Financial Regulation Simplification Act of 1980|Monetary Control Act of 1980|Truth in Lending Simplification and Reform Act}} |
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| longtitle = An Act to facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes. |
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| colloquialacronym = |
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| nickname = Consumer Checking Account Equity Act of 1979 |
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| enacted by = 96th |
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| effective date = March 31, 1980 |
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| public law url = http://www.gpo.gov/fdsys/pkg/STATUTE-94/pdf/STATUTE-94-Pg132.pdf |
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| cite public law = 96-221 |
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| cite statutes at large = {{usstat|94|132}} |
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| acts amended = |
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| acts repealed = |
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| title amended = [[Title 12 of the United States Code|12 U.S.C.: Banks and Banking]] |
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| sections created = <!--{{USC}} can be used--> |
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| sections amended = {{Usc-title-chap|12|3}} § 226 |
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| leghisturl = http://thomas.loc.gov/cgi-bin/bdquery/z?d096:HR04986:@@@R |
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| introducedin = House |
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| introducedbill = {{USBill|96|H.R.|4986}} |
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| introducedby = [[Fernand St. Germain]] ([[Democratic Party (United States)|D]]–[[Rhode Island|RI]]) |
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| introduceddate = July 27, 1979 |
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| committees = [[United States House Committee on Financial Services|House Banking, Finance, and Urban Affairs]], [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Banking, Housing, and Urban Affairs]] |
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| passedbody1 = House |
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| passeddate1 = September 11, 1979 |
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| passedvote1 = [http://www.govtrack.us/congress/votes/96-1979/h413 367-39] |
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| passedbody2 = Senate |
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| passedas2 = <!-- used if the second body changes the name of the legislation --> |
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| passeddate2 = November 1, 1979 |
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| passedvote2 = [http://www.govtrack.us/congress/votes/96-1979/s384 76-9] |
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| conferencedate = March 21, 1980 |
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| passedbody3 = House |
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| passeddate3 = March 27, 1980 |
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| passedvote3 = [http://www.govtrack.us/congress/votes/96-1980/h819 380-13] |
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| agreedbody3 = <!-- used when the other body agrees without going into committee --> |
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| agreeddate3 = <!-- used when the other body agrees without going into committee --> |
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| agreedvote3 = <!-- used when the other body agrees without going into committee --> |
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| agreedbody4 = <!-- used if agreedbody3 further amends legislation --> |
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| agreeddate4 = <!-- used if agreedbody3 further amends legislation --> |
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| agreedvote4 = <!-- used if agreedbody3 further amends legislation --> |
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| passedbody4 = Senate |
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| passeddate4 = March 28, 1980 |
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| passedvote4 = agreed |
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| signedpresident = [[Jimmy Carter]] |
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| signeddate = March 31, 1980 |
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| unsignedpresident = <!-- used when passed without presidential signing --> |
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| unsigneddate = <!-- used when passed without presidential signing --> |
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| vetoedpresident = <!-- used when passed by overriding presidential veto --> |
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| vetoeddate = <!-- used when passed by overriding presidential veto --> |
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| overriddendate1 = <!-- used when passed by overriding presidential veto --> |
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| overriddenbody2 = <!-- used when passed by overriding presidential veto --> |
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| overriddendate2 = <!-- used when passed by overriding presidential veto --> |
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| overriddenvote2 = <!-- used when passed by overriding presidential veto --> |
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}} |
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The '''Depository Institutions Deregulation and Monetary Control Act of 1980''' ({{USBill|96|HR|4986}}, Pub.L. 96–221) (often abbreviated '''DIDMCA''' or '''MCA''') is a [[United States federal law|United States federal]] financial statute passed in 1980 and signed by President [[Jimmy Carter]] on March 31.<ref>http://www.presidency.ucsb.edu/ws/index.php?pid=33206#axzz1mquUfO88</ref> It gave the [[Federal Reserve]] greater control over non-member banks. |
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* It forced all banks to abide by the Fed's rules. |
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* It allowed banks to merge. {{Citation needed|reason=Elaborate and provide a source |date=July 2013}} |
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* It 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 deposit accounts other than [[demand deposit]] accounts (with a six-year phase-out).<ref name=Gilbert/> |
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* It allowed [[Negotiable Order of Withdrawal account]]s to be offered nationwide.<ref name=Gilbert>Gilbert, Alton. "Requiem for Regulation Q: What It Did and Why It Passed Away", [[Federal Reserve Bank of St. Louis]]: pp. 31-33. [http://research.stlouisfed.org/publications/review/86/02/Requiem_Feb1986.pdf] </ref> |
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* It raised the [[deposit insurance]] of US banks and credit unions from $40,000 to $100,000. |
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* It allowed [[credit union]]s and [[savings and loan]]s to offer [[checkable deposit]]s. |
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* It allowed institutions to charge any loan interest rates they choose.<ref name="Minton">Michelle Minton, [http://cei.org/cei_files/fm/active/0/Michelle%20Minton%20-%20CRA%20-%20FINAL_WEB.pdf The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit], [[Competitive Enterprise Institute]], No. 132, March 20, 2008.</ref><ref name="Atlas Dreier">John Atlas and Peter Dreier, [http://www.prospect.org/cs/articles?article=the_conservative_origins_of_the_subprime_mortgage_crisis The Conservative Origins of the Sub-Prime Mortgage Crisis], [[The American Prospect]], December 18, 2007.</ref> |
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* It required that banks be charged Fed Float for use of funds received before clearing between depository institutions. |
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==References== |
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{{reflist}} |
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==External links== |
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*[http://www.fdic.gov/regulations/laws/rules/8000-2200.html FDIC page on act] |
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*[https://fraser.stlouisfed.org/scribd/?title_id=1032&filepath=/docs/historical/congressional/monetary-control-1980.pdf Public Law 96-221, 96th Congress, H.R. 4986: Depository Institutions Deregulation and Monetary Control Act of 1980] |
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{{Federal Reserve System}} |
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{{Bank regulation in the United States}} |
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[[Category:1980 in law]] |
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[[Category:Federal Reserve]] |
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[[Category:United States federal banking legislation]] |
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[[Category:Federal Deposit Insurance Corporation]] |
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{{econ-policy-stub}} |
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{{US-fed-statute-stub}} |
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Revision as of 19:52, 14 November 2014
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