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Statements

Subject Item
dbr:Depository_Institutions_Deregulation_and_Monetary_Control_Act
rdfs:label
Depository Institutions Deregulation and Monetary Control Act
rdfs:comment
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. It gave the Federal Reserve greater control over non-member banks.
dcterms:subject
dbc:1980_in_law dbc:Federal_Deposit_Insurance_Corporation dbc:Federal_Reserve_System dbc:Savings_and_loan_crisis dbc:United_States_federal_banking_legislation
dbo:wikiPageID
1690499
dbo:wikiPageRevisionID
1109577313
dbo:wikiPageWikiLink
dbr:Unintended_consequences dbr:Checkable_deposit dbr:Negotiable_Order_of_Withdrawal_account dbr:Savings_and_loan dbr:Title_12_of_the_United_States_Code dbr:Deposit_insurance dbr:Glass–Steagall_Act dbr:Demand_deposit dbr:United_States_federal_law dbr:Federal_Reserve dbr:Credit_union dbr:Rhode_Island dbc:1980_in_law dbr:Regulation_Q dbr:ABC-CLIO dbr:United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs dbr:Santa_Barbara,_California dbr:Democratic_Party_(United_States) dbr:Jimmy_Carter dbr:United_States_House_Committee_on_Financial_Services dbc:Federal_Deposit_Insurance_Corporation dbr:Fernand_St._Germain dbc:Federal_Reserve_System dbc:Savings_and_loan_crisis dbr:Garn–St._Germain_Depository_Institutions_Act dbc:United_States_federal_banking_legislation
dbo:wikiPageExternalLink
n8:STATUTE-94-Pg132.pdf n10:n129 n11:encyclopediamone00alle%7Curl-access=limited%7Cyear=2009%7Cpublisher= n17:h413 n17:s384 n18:h819 n23:1032 n24:8000-2200.html n22:@@@R
owl:sameAs
freebase:m.05np5y wikidata:Q5260790 n14:4isfd
dbp:titleAmended
12
dbp:wikiPageUsesTemplate
dbt:Federal_Reserve_System dbt:Cite_book dbt:US-fed-statute-stub dbt:Bank_regulation_in_the_United_States dbt:Portal dbt:Econ-policy-stub dbt:USBill dbt:Usc-title-chap dbt:USPL dbt:Usstat dbt:Reflist dbt:Infobox_U.S._legislation dbt:Jimmy_Carter
dbp:citePublicLaw
96
dbp:conferencedate
1980-03-21
dbp:effectiveDate
1980-03-31
dbp:introducedby
Fernand St. Germain
dbp:introduceddate
1979-07-27
dbp:introducedin
House
dbp:passedbody
House Senate
dbp:passeddate
1980-03-28 1979-09-11 1979-11-01 1980-03-27
dbp:passedvote
76 367 380 agreed
dbp:publicLawUrl
n8:STATUTE-94-Pg132.pdf
dbp:shorttitle
Depository Institutions Deregulation and Monetary Control Act
dbp:signeddate
1980-03-31
dbp:signedpresident
dbr:Jimmy_Carter
dbp:committees
dbr:United_States_House_Committee_on_Financial_Services dbr:United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs
dbp:enactedBy
96
dbp:nickname
Consumer Checking Account Equity Act of 1979
dbo:abstract
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. It gave the Federal Reserve greater control over non-member banks. * It forced all banks to abide by the Fed's rules. * It relaxed the rules under which national banks could merge. * 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). * It allowed Negotiable Order of Withdrawal accounts to be offered nationwide. * 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. * It allowed institutions to charge any loan interest rates they chose. 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. The bill's passage is considered an important shift in the Democratic Party's positioning on economic regulation, as the party had historically defended New Deal era financial regulations, but had now come to favor financial deregulation. According to a 2022 study, this shift happened as a consequence of the congressional reforms of the 1970s, which undermined parochial and Southern populist interests within the Democratic Party. These parochial and populist interests favored a decentralized banking system. The party subsequently pursued deregulatory reforms that it perceived as beneficial to savers and consumers.
dbp:leghisturl
n22:@@@R
dbp: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.
dbp:othershorttitles
Monetary Control Act of 1980 Depository Institutions Deregulation Act of 1980 Financial Regulation Simplification Act of 1980 Consumer Checking Account Equity Act of 1980 Depository Institutions Deregulation and Monetary Control Act of 1980 Truth in Lending Simplification and Reform Act
dbp:sectionsAmended
§ 226
gold:hypernym
dbr:United
prov:wasDerivedFrom
wikipedia-en:Depository_Institutions_Deregulation_and_Monetary_Control_Act?oldid=1109577313&ns=0
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8950
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wikipedia-en:Depository_Institutions_Deregulation_and_Monetary_Control_Act