Depository Institutions Deregulation and Monetary Control Act Definition

Depository Institutions Deregulation and Monetary Control Act

Definition

Federal act passed in 1980 leading to the deregulation of deposit interest rates, while also allowing financial institutions to have easier access to the Federal Reserve's discount window. This Act is divided into two main sections; the first section extends Federal Reserve requirements to financial institutions with bank-holding services and the second section phases out the Federal Reserve Regulation Q, which limited the interest level that a bank can pay on savings accounts. It also protects a depositor's account up to $100,000 from its previous level of $40,000.

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