Definition:
Garn-St Germain Depository Institutions Act
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The Garn-St Germain Depository Institutions Act was a U.S. deregulation law passed in 1982.The Garn-St Germain Act permitted nonbank thrift institutions to become more like commercial banks in the services they could offer.
The Garn-St Germain Act also allowed all federally regulated depository institutions to offer deposits competitive with money market mutual fund share accounts.
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