Garn-St. Germain Depository Institutions Act

Garn-St. Germain Depository Institutions Act
A law enacted by Congress in 1982 to enable banks and other savings institutions to compete more readily in the money market. It got rid of the interest rate ceiling that they once had to abide by, authorized them to make commercial loans and gave the federal agencies the ability to approve bank acquisitions.

This act was one of the contributing factors of the Savings and Loan Crisis. The S&L crisis was one of the largest government bailouts in U.S. history costing approximately $124 billion. The bailout came to help the 747 savings and loan associations in the U.S. but failed, partly due to the Garn-St. Germain Depository Institutions Act.

Investment dictionary. . 2012.

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  • Garn-St. Germain Depository Institutions Act — The Garn St. Germain Depository Institutions Act of 1982 (USPL|97|320, USBill|97|H.R.|6267, enacted 1982 10 15) is an Act of Congress, that deregulated the Savings and Loan industry. This Act turned out to be one of many contributing factors that …   Wikipedia

  • Depository Institutions Act of 1982 — A law passed by Congress with the intent of making savings and loan institutions more competitive. The best known of its many provisions was a section that enabled these so called thrifts to offer money market deposit accounts with no interest… …   Investment dictionary

  • Glass-Steagall Act — The Glass Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation. [cite web… …   Wikipedia

  • Jake Garn — Infobox Senator name=Jake Garn jr/sr=United States Senator state=Utah term start=December 21, 1974 term end=January 3, 1993 preceded=Wallace F. Bennett succeeded=Robert Foster Bennett date of birth=birth date and age|1932|10|12 place of… …   Wikipedia

  • Edwin Jacob Garn — Jake Garn Land (Behörde): USA (NASA) Datum der Auswahl: 9. November 1984 (1. Politiker Gruppe) Anzahl der Raumflüge: 1 …   Deutsch Wikipedia

  • Jake Garn — Land (Organisation): USA (NASA) Datum der Auswahl: 9. November 1984 (1. Politiker Gruppe) Anzahl der Raumflüge: 1 Start erster Raumflug: 12. April 1985 …   Deutsch Wikipedia

  • Fernand St. Germain — Fernand Joseph St. Germain (born January 9, 1928) is a former U.S. Representative from Rhode Island.Born in Blackstone, Massachusetts, St. Germain attended parochial schools in Woonsocket, Rhode Island. He graduated from Our Lady of Providence… …   Wikipedia

  • ЗАКОН ГАРНА-СЕН-ЖЕРМЕНА О ДЕПОЗИТНЫХ УЧРЕЖДЕНИЯХ 1982 г. — GARN ST GERMAIN DEPOSITORY INSTITUTIONS ACT OF 1982Закон разрешил ведение счетов ден. рынка; положил конец практике использования процентного дифференциала, дававшего преимущество сберегательным кассам; оказал поддержку ссудосберегательным… …   Энциклопедия банковского дела и финансов

  • Savings and loan crisis — The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S L crisis) was the failure of 747 savings and loan associations (S Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around… …   Wikipedia

  • Early 1980s recession — The early 1980s recession was a severe recession in the United States which began in July 1981 and ended in November 1982.Krugman, Did the Federal Reserve Cause the Recession? , New York Times, April 1, 1991; National Bureau of Economic Research …   Wikipedia

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