Asked by Charlene Wright on Jun 28, 2024
Verified
The Banking Act of 1980 resulted in which of the following?
A) All depository institutions had uniform reserve requirements.
B) The number of financial institutions began to decline due to key bank legislation in that year.
C) It was easier for the Federal Reserve to control the money supply.
D) Both commercial banks and thrift institutions could issue checking accounts.
E) All of the choices were results of the Banking Act of 1980.
Banking Act
Legislation that regulates the operation of banks, establishes banking practices, and ensures the stability and integrity of the banking system.
Reserve Requirements
Central bank regulations that set the minimum fraction of customer deposits and notes that each commercial bank must hold as reserves rather than lend or invest.
Checking Accounts
Bank accounts that allow for easy access to funds through checks, debit cards, and electronic transfers, used for daily transactions.
- Acquire knowledge about the transformation in banking sector regulations over time and their consequences.
- Identify the functions and goals of the Federal Reserve system.
- Understand the critical relevance of significant statutes like the Glass-Steagall Act and the Depository Institutions Deregulation and Monetary Control Act of 1980.
Verified Answer
Learning Objectives
- Acquire knowledge about the transformation in banking sector regulations over time and their consequences.
- Identify the functions and goals of the Federal Reserve system.
- Understand the critical relevance of significant statutes like the Glass-Steagall Act and the Depository Institutions Deregulation and Monetary Control Act of 1980.
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