The Garn-St. Germain Depository Institutions Act was enacted by Congress in 1982 to ease pressures on banks and savings and loans which increased after the Federal Reserve raised rates in an effort to combat inflation. The act followed the establishment of the Depository Institutions Deregulation Committee by the Monetary Control Act, which had the primary purpose of phasing out interest rate ceilings on bank deposit accounts by 1986.
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