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United States · Bill · HR

H.R. 336 (112th)

Interest Rate Reduction Act

referredUnited States· United States Congress· EN

Introduced

19 January 2011

Last action

23 March 2011 · Referred

Status

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Sponsors

Rep. Hinchey, Maurice D. [D-NY-22], Rep. Tierney, John F. [D-MA-6], Rep. Cohen, Steve [D-TN-9], Rep. Filner, Bob [D-CA-51], Rep. Miller, George [D-CA-11], Rep. Woolsey, Lynn C. [D-CA-6], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Jackson, Jesse L., Jr. [D-IL-2]

Subjects

Discovery layer

Source updated

14 August 2025

Official sourceDownload fileView documentsShare

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 January 2011

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 19 January 2011

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 19 January 2011

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 23 March 2011

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 19 January 2011

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 19 January 2011

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 19 January 2011

    Open at official source

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Sponsors

Related records

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Sources

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