MARCH 31, 1980 – US CONGRESS PASSES MONETARY CONTROL ACT
1980 – US CONGRESS PASSES MONETARY CONTROL
Popularly known as the Depository Institutions Deregulation and Monetary
Control Act of 1980. The Federal Reserve Board of Governors was provided with
increased control over monetary policy and non-member financial institutions –
requiring all financial institutions to follow Federal Reserve (a mostly
private institution) regulations.