Garn-St. Germain Act
Garn-St. Germain Depository Institutions Act of 1982
§ LEGISLATIONfinance· 1982
What It Did
Deregulated the savings and loan industry by allowing thrifts to make commercial loans and invest in corporate debt. Eliminated interest rate differentials between banks and thrifts. Widely cited as a contributing factor to the savings and loan crisis of the late 1980s.
The Vote
House · 272–91 (passage)
D
131 YEA · 77 NAY
R
141 YEA · 14 NAY
Senate · 74–19 (passage)
D
28 YEA · 16 NAY
R
46 YEA · 3 NAY
Key Sponsors
→ Jake Garn (R-UT) · Senate
→ Fernand St Germain (D-RI) · House
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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House Price Index
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Household Debt Service Ratio
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Many factors influence economic outcomes. This chart shows trends in the years surrounding this legislation — not necessarily caused by it.