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On This Day: March 31 1980 President Carter Deregulated the Banking Industry

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Pete

Pete

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Pete has published a news story:

On This Day: March 31 1980 President Carter Deregulated the Banking Industry.

On this day March 31 1980 President Jimmy Carter signed into law a major piece of financial legislation that began the process of deregulating the banking industry. The Depository Institutions Deregulation and Monetary Control Act aimed to modernize the financial system in response to rising inflation and growing competition between banks and nonbank institutions.

The law allowed banks to offer new types of accounts and gradually eliminated interest rate caps on deposit accounts. It also...
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