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Definition Of Monetary Control Act:


Title 1 of a two-title act passed in 1980 that represented the first significant reform in the banking industry since the Great Depression.
One of the major highlights of the Monetary Control Actwasthe deregulation of interest rates paid by depository institutions such as banks. It also opened the Fed discount windowand extended reserve requirements to all domestic banks. The Monetary Control Actand contained several provisions relating to bank reserve and deposit requirements. It created the popular Negotiable Order of Withdrawal (NOW) accounts and also raised the amount of FDIC insurance protection from $40,000 to $100,000 per account.Title 2 ofthis Act was the Depository Institutions Deregulation Act of 1980.

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