What is Monetary Control Act Of 1980?

Legal Definition
Since the Great Depression, this was Congress's first banking reform act. This Act had two parts, and the second was called the Depository Institutions Deregulation Act of 1980. Banks and banking interest rates were deregulated, FDIC insured accounts were raised from $40,000 to $100,000, and banks make regular reports concerning its deposits to the Federal Reserve Bank.