Monetary Control Act of 1980 (MAC)

The first banking reform act of Congress since the Great Depression, which served several functions. It deregulated banks and banking interest rates, raised the amount of money the FDIC insured accounts for (from $40,000 to $100,000), and required banks to make regular reports to the Federal Reserve Bank concerning its deposits. This Act had two-parts, and the second was called the Depository Institutions Deregulation Act of 1980.