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
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.