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Depository Institutions Deregulation and Monetary Control Act

From Wikipedia, the free encyclopedia

Depository Institutions Deregulation and Monetary Control Act
Great Seal of the United States
Other short titles
  • 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
Long titleAn 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.
NicknamesConsumer Checking Account Equity Act of 1979
Enacted bythe 96th United States Congress
EffectiveMarch 31, 1980
Public law96-221
Statutes at Large94 Stat. 132
Titles amended12 U.S.C.: Banks and Banking
U.S.C. sections amended12 U.S.C. ch. 3 § 226
Legislative history

The Depository Institutions Deregulation and Monetary Control Act of 1980 (H.R. 4986, Pub.L. 96–221) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31.[1] It gave the Federal Reserve greater control over non-member banks.

The act was in part a response to economic volatility and financial innovations of the 1970s that increasingly pressed the highly regulated savings and loan industry and arguably had unintended consequences that helped lead to the collapse and subsequent bailout of that financial sector. While S&Ls were freed to pay depositors higher interest rates, the institutions continued to carry large portfolios of loans paying them much lower rates of return; by 1981, 85 percent of the thrifts were losing money and the congressional response was the Garn–St Germain Depository Institutions Act of 1982.[5]

YouTube Encyclopedic

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  • ✪ American Finance: Banking, Financial Markets, Money and Stocks (2014)
  • ✪ Financial Industry Regulation: Assisting the Banking and Financial Markets - Elizabeth Warren (2009)
  • ✪ The Deregulation Swindle: Bernie Sanders on Savings and Loans, Banking & Cable TV (1992)



  1. ^ "Depository Institutions Deregulation and Monetary Control Act of 1980 Remarks on Signing H.R. 4986 into Law. | the American Presidency Project".
  2. ^ a b Gilbert, Alton. "Requiem for Regulation Q: What It Did and Why It Passed Away", Federal Reserve Bank of St. Louis: pp. 31-33. [1]
  3. ^ Michelle Minton, The Community Reinvestment Act’s Harmful Legacy, How It Hampers Access to Credit, Competitive Enterprise Institute, No. 132, March 20, 2008.
  4. ^ John Atlas and Peter Dreier, The Conservative Origins of the Sub-Prime Mortgage Crisis, The American Prospect, December 18, 2007.
  5. ^ Collins, Robert M. (2007). Transforming America: Politics and Culture in the Reagan Years. New York: Columbia University. pp. 83–84. ISBN 0-231-51130-2.

Further reading

External links

This page was last edited on 11 October 2020, at 23:53
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