Definition:
Depository Institutions Deregulation and Monetary Control Act
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The Depository Institutions Deregulation and Monetary Control Act is a law passed in the United States in 1980 that requires interest rate ceilings on deposits sold to the public to be phased out.Without an interest rate ceiling, deposit rates can more closely reflect prevailing market rates.
The Depository Institutions Deregulation and Monetary Control Act also authorized the offering of NOW accounts across the United States.
NOW accounts pay an explicit interest rate to the customer and have third-party payment powers.
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