DIDMCA
Depository Institutions Deregulation and Monetary Control Act of 1980
§ LEGISLATIONfinance· 1980
What It Did
Phased out interest rate ceilings on deposits (Regulation Q), raised FDIC insurance from $40,000 to $100,000 per account, and allowed thrifts to offer checking accounts and make commercial loans. Began the era of banking deregulation that continued through the 1980s and 1990s.
The Vote
House · 380–13 (conference report)
D
243 YEA · 7 NAY
R
137 YEA · 6 NAY
Senate · 76–9 (conference report)
D
46 YEA · 5 NAY
R
30 YEA · 4 NAY
Key Sponsors
→ Fernand St Germain (D-RI) · House
→ William Proxmire (D-WI) · Senate
Sources: Congress.gov · VoteView · FRED
In the Years Following
Economic indicators related to this law, showing 5 years before through 10 years after.
30-Year Mortgage Rate
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Household Debt Service Ratio
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Corporate Profits After Tax
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Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.