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The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980, gave the Federal Reserve greater control over non-member banks. Its main purpose was to force all banks to abide by the Fed's rules. It also allowed banks to merge. Its secondary purpose was to allow credit unions and savings and loans to offer checkable deposits. The law also removed the power of the Federal Reserve Board of Governors under the Glass-Steagall Act and Regulation Q to set the interest rates of savings accounts.
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