Depository Institutions Deregulation and Monetary Control Act

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• 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
  Glass-Steagall Act
  
  The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation in the United States and included banking reforms, some of which were designed to control speculation....
   and Regulation Q
  Regulation Q
  
  Regulation Q is a United States government regulation that put a limit on the interest rates that banks could pay, including a rate of zero on demand account ....
   to set the interest rates of savings accounts.
• It raised the deposit insurance
  Deposit insurance
  
  Explicit deposit insurance is a measure introduced by policy makers in many countries to protect deposits, in full or in part, in the event of a Bank run or banks....
   of US banks and credit unions from $40,000 to $100,000.
• It allowed credit union
  Credit union
  
  A credit union is a Cooperative banking financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members....
  s and savings and loans to offer checkable deposits.
• Allowed institutions to charge any interest rates they chose.

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