Garn - St Germain Depository Institutions Act
From Wikipedia, the free encyclopedia
The Garn-St Germain Depository Institutions Act of 1982 was a United States federal law enacted in 1982 that deregulated the Savings and Loan industry. This deregulation was a major contributing factor in the subsequent Savings and Loan crisis in the late 1980s.
The bill, whose full title was "An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans," was a Reagan Administration initiative.
The bill is named after its sponsors, Congressman Fernand St. Germain, Democrat of Rhode Island, and Senator Edwin Garn, Republican of Utah.
