Interest Rate Reduction Act

Summary

Interest Rate Reduction Act - Amends the Truth in Lending Act to prohibit the annual percentage rate of interest (APR) applicable to any extension of credit to a consumer from exceeding 15% on unpaid balances, inclusive of all finance charges. Authorizes the Board of Governors of the Federal Reserve System to establish an APR ceiling exceeding the 15% annual rate for periods not to exceed 18 months, upon a determination that: (1) money market interest rates have risen over the preceding six-month period; and (2) prevailing interest rate levels threaten the safety and soundness of individual lenders, as evidenced by adverse trends in liquidity, capital, earnings, and growth. Declares the interest rate limitation inapplicable to an extension of credit by an insured credit union. Subjects a creditor who violates this Act to a civil penalty.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 19 March 2009

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 19 March 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 March 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 March 2009 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 March 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 March 2009

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 19 March 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Hinchey, Maurice D. [D-NY-22] · D · Sponsor
• Rep. Cohen, Steve [D-TN-9] · D · Sponsor
• Rep. Ellison, Keith [D-MN-5] · D · Sponsor
• Rep. Lee, Barbara [D-CA-12] · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Rep. Miller, George [D-CA-11] · D · Sponsor
• Rep. Woolsey, Lynn C. [D-CA-6] · D · Sponsor
• Rep. Tierney, John F. [D-MA-6] · D · Cosponsor
• Rep. Massa, Eric J. J. [D-NY-29] · D · Cosponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Cosponsor
• Rep. Polis, Jared [D-CO-2] · D · Cosponsor
• Rep. Honda, Michael M. [D-CA-15] · D · Cosponsor
• Rep. Filner, Bob [D-CA-51] · D · Cosponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Cosponsor
• Rep. Jackson, Jesse L., Jr. [D-IL-2] · D · Cosponsor
• Rep. Abercrombie, Neil [D-HI-1] · D · Cosponsor
• Rep. Cummings, Elijah E. [D-MD-7] · D · Cosponsor
• Rep. Perriello, Thomas S.P. [D-VA-5] · D · Cosponsor
• Rep. Kagen, Steve [D-WI-8] · D · Cosponsor
• · hsba00 · Standing

Related records

• related to ← Interest Rate Reduction Act