Depository Institutions Deregulation and Monetary Control Act (DIDMCA, 1980)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 226 note, 3501 et seq.)

2) Why It Was Done
Passed amid high inflation and interest rate volatility, the Act sought to modernize banking, improve monetary control, and promote competition. It phased out interest rate caps on deposits, expanded the Federal Reserve’s authority, and gave all banks access to Fed services.

Garn–St Germain Depository Institutions Act (1982)

1) Link to the Text of the Act
Read the statute (12 U.S.C. §§ 1464, 1701j–3, 3801 et seq.)

2) Why It Was Done
Enacted to address the crisis in the savings and loan (S&L) industry, the Act further deregulated depository institutions, expanded lending powers, and introduced new mortgage options. It was intended to give S&Ls more flexibility and prevent widespread failures.

3) Pre-existing Law or Constitutional Rights
The Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) had already begun phasing out deposit interest ceilings. Garn–St Germain went further, granting S&Ls broader powers in lending and commercial activity. No constitutional rights were directly altered.