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Political Factoid
The Slippery Slope:
- Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA)
Phased out a number of restrictions on banks' financial practices, broadened their lending powers, allowed credit unions and savings and loans to offer checkable deposits, and raised the deposit insurance limit from $40,000 to $100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies.)
(Signed into law by Jimmy Carter, 1980)
- Garn-St. Germain Depository Institutions Act
Provided for adjustable-rate mortgage loans, began the process of banking deregulation, and contributed to the savings and loan crisis of the late 1980s/early 1990s.
(Signed into law by Ronald Reagan, 1982)
- Gramm-Leach-Bliley Act
Repealed part of the Glass-Steagall Act of 1933. This repeal reduced the separation between commercial banks (which traditionally had fiscally conservative policies) and investment banks (which had a more risk-taking culture).
(Signed into law by Bill Clinton, 1999)
- Filibuster Exploitation Act
Out of shear bully spite, held consumer protection hostage and without leadership for five years following the financial meltdown that began under G.W. Bush using U.S. Senate filibuster threats.
(Nothing signed into law, just coerced by Party-of-No, 2009-2013)
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