Garn-St. Germain Depository Institutions Act

Legislation enacted in 1982 that provided the thrift industry more flexibility in managing assets and liabilities. As a result, the thrifts were authorized to: (1) invest up to 50% of assets in construction and development loans; (2) invest up to 30% of assets in consumer loans, commercial paper, and corporate debt; (3) own real estate development companies; (4) use land and other noncash assets in the capitalization of new charters, instead of the previously required cash; and (5) offer money market deposit accounts.