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1980 HAPPENINGS

MUSIC

47th Annual Bach Festival Richard Raub conducting

POLITICS

Depository Institutions Deregulation and Monetary Control Act of 1980 provides the Federal Reserve Board of Governors increased control over non-member financial institutions, basically requiring all financial institutions to abide by Federal Reserve System regulations.  Removes the interest rate ceiling on deposit accounts.
FDIC insurance level is increased to $100,000.
Film Star, Ronald Regan, is elected 40th President of the United States
Zimbabwe achieves Black African majority rule. Robert Mugabe becomes the first Prime Minister.
War begins between Iraq and Iran when Iraq invades Iran in an attempt to gain control over Abadan and the Shatt al Arab waterway.

POINTS OF INTEREST

Long-dormant Mt. St. Helens volcano erupts in Washington causing wide-spread damage.
Moscow hosts the Olympic games and is boycotted by over 50 nations.
Jimmie Durante, comedian and former Vaudeville star dies.
Mae West, American film icon dies
Peter Sellers, the British comedian who was the master of subtle humor, dies.

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