The history of banking and of the regulations of the banking industry
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Throughout history, the United States economy has undergone periods of regulation followed by periods of deregulation. Within the past decade we have witnessed deregulation in the airline industry, the trucking industry, the railroad industry, and perhaps most recently the deregulation of the financial industry. The deregulation of the financial industry in the form of the DEPOSITORY INSTITUTIONS DEREGULATION AND MONETARY CONTROL ACT OF 1980 and the GARN-ST. GERMAIN DEPOSITORY INSTITUTION ACT OF 1982 have been considered landmark legislations in this, the period of deregulation. The reason for such importance being placed on these two particular pieces of legislation is due to the fact that financial institutions have traditionally been heavily regulated and controlled by the government. It is therefore very important to study the deregulation of financial institutions because of the potential impact that it could have on the financial service industry and on the economy as a whole.