US Congress House Bill 336 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 8-0)
Status: Introduced on January 19 2011 - 25% progression, died in committee
Action: 2011-03-23 - Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Pending: House Subcommittee on Financial Institutions and Consumer Credit Committee
Text: Latest bill text (Introduced) [PDF]

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.

Interest Rate Reduction Act

Rep. Maurice Hinchey [D-NY]	Rep. Steve Cohen [D-TN]	Rep. Bob Filner [D-CA]	Rep. Raul Grijalva [D-AZ]
Rep. Jesse Jackson [D-IL]	Rep. George Miller [D-CA]	Rep. John Tierney [D-MA]	Rep. Lynn Woolsey [D-CA]

Date	Chamber	Action
2011-03-23	House	Referred to the Subcommittee on Financial Institutions and Consumer Credit.
2011-01-19	House	Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/336/all-info
Text	https://www.congress.gov/112/bills/hr336/BILLS-112hr336ih.pdf