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The act that authorized money market deposit accounts is the Depository Institutions Deregulation and Monetary Control Act. This legislation, passed in 1980, aimed to eliminate interest rate ceilings on deposits and introduce new financial products, including money market deposit accounts. These accounts were designed to provide consumers with higher interest rates while allowing limited check-writing capabilities, thereby increasing competition among banks and other financial institutions.

While the Depository Institutions Act (Garn-St. Germain) primarily addressed issues such as thrift institution regulations and adjustable-rate mortgages, it did not specifically authorize money market deposit accounts. Similarly, while the Competitive Equality Banking Act and the Financial Institutions Reform, Recovery, and Enforcement Act addressed various banking reforms and regulatory measures, they did not introduce or authorize the establishment of money market deposit accounts either. Therefore, the correct identification of the Depository Institutions Deregulation and Monetary Control Act highlights its role in expanding consumer choices in deposit accounts and enhancing competition within the banking industry.