| Main |
Having found a few people who ...,
when people talk about 30 years of deregulation it is neither vague nor mysterious what they are talking about. Leaving aside failures by regulators to enforce the regulations that remained, some of the relevant acts of congress:
1980: Depository Institutions Deregulation and Monetary Control Act.
1982: Garn-St. Germain Depository Institutions Act.
1988: Financial Institutions Reform, Recovery and Enforcement Act.
1994: Riegle-Neal Interstate Banking and Branching Efficiency Act. This probably isn't immediately obvious, but the effect of this act was to repeal state usury laws (only those of the state where the bank was incorporated applied) and allowed, among other things, the creation of the payday loan industry.
1999: Gramm-Leach-Bliley Act. The only one anybody seems to remember, and, in the scheme of things, a pretty anti-climatic climax.