MONETARY CONTROL ACT OF 1980 (MAC)
\mˈʌnɪtəɹi kəntɹˈə͡ʊl ˈakt ɒv nˈa͡ɪntiːnhˈʌndɹədən ˈe͡ɪti mˈak], \mˈʌnɪtəɹi kəntɹˈəʊl ˈakt ɒv nˈaɪntiːnhˈʌndɹədən ˈeɪti mˈak], \m_ˈʌ_n_ɪ_t_ə_ɹ_i k_ə_n_t_ɹ_ˈəʊ_l ˈa_k_t ɒ_v n_ˈaɪ_n_t_iː_n_h_ˈʌ_n_d_ɹ_ə_d_ə_n ˈeɪ_t_i__ m_ˈa_k]\
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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.
By Henry Campbell Black
Word of the day
tinctura quininae ammoniata
- A preparation made by dissolving quinin sulphate in alcohol [Br. Ph.].
Nearby Words
- monetary
- monetary aggregates
- monetary asset
- monetary base
- monetary base control
- MONETARY CONTROL ACT OF 1980 (MAC)
- monetary default
- monetary fund
- monetary item
- monetary measurement
- monetary neutrality