About the bill
The Garn–St Germain Depository Institutions Act of 1982 (Pub.L. 97–320, H.R. 6267, enacted October 15, 1982) is an Act of Congress that deregulated savings and loan associations and allowed banks to provide adjustable-rate mortgage loans. It is disputed whether the act was a mitigating or contributing factor in the savings and loan crisis of the late 1980s.
The bill, whose full title was "An Act to revitalize the housing industry by strengthening the financial stability of home mortgage lending institutions and ensuring the availability of home mortgage loans," was a Reagan Administration initiative.
The bill is named after its sponsors, Congressman Fernand St. Germain, Democrat of Rhode Island, and Senator Jake Garn, Republican of Utah. The bill had broad support in Congress, with co-sponsors including Charles Schumer and Steny Hoyer. …
Sponsor and status
97th Congress (1981–1982)
Enacted — Signed by the President on Oct 15, 1982
This bill was enacted after being signed by the President on October 15, 1982.
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Last Updated: Oct 15, 1982
28 Cosponsors (27 Democrats, 1 Republican)
Position statements
History
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May 4, 1982
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.
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May 11, 1982
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Ordered Reported
A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.
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May 20, 1982
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Passed House (Senate next)
The bill was passed in a vote in the House. It goes to the Senate next.
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Sep 24, 1982
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Passed Senate with Changes (back to House)
The Senate passed the bill with changes not in the House version and sent it back to the House to approve the changes. The vote was by Voice Vote so no record of individual votes was made.
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Sep 30, 1982
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Conference Report Agreed to by Senate (House next)
A conference committee was formed, comprising members of both the House and Senate, to resolve the differences in how each chamber passed the bill. The Senate approved the committee's report proposing the final form of the bill for consideration in both chambers. The House must also approve the conference report. The vote was by Voice Vote so no record of individual votes was made.
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Oct 15, 1982
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Enacted — Signed by the President
The President signed the bill and it became law.
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Oct 15, 1982
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Text Published
Updated bill text was published as of Passed Congress. |
H.R. 6267 (97th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 6267. This is the one from the 97th Congress.
This bill was introduced in the 97th Congress, which met from Jan 5, 1981 to Dec 23, 1982. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
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“H.R. 6267 — 97th Congress: Garn-St. Germain Depository Institutions Act of 1982.” www.GovTrack.us. 1982. March 22, 2023 <https://www.govtrack.us/congress/bills/97/hr6267>
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Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
