What is the Monetary Control Act (MCA)?

The Monetary Control Act was passed in 1980 and gave the Federal Reserve greater control over banks.
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The Monetary Control Act was passed in 1980 in the U.S and greatly reformed the banking system. The Monetary Control Act gave the Federal Reserve greater control over banks and introduced the deregulation of loan interest rates charged by institutions. Also the Negotiable Order of Withdrawal accounts was created and offered nationwide.

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