The Depository Institution Deregulation and Monetary Control Act of 1980
has been the most comprehensive attempt at financial and monetary reform
since the 1930s. Based on the authors' experience as visting scholars in
the Division of Banking Research and Economic Policy at the Office of
the Comptroller in 1980, this study explores the act's historical
antecedents, its purpose, and its potential effects on the financial
system and the conduct of monetary policy during the 1980s. The authors
examine the strengths and weaknesses of this important first step in the
series of reforms required to improve monetary control and create a more
flexible, efficient, and competitive financial system.