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HR 1640 111th Congress House Finance and Financial Sector Civil actions and liability Consumer credit Interest, dividends, interest rates

Interest Rate Reduction Act

Introduced: March 19, 2009 See on congress.gov
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This bill died when the 111th Congress ended
It never became law before the 111th Congress (2009–2010) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 19, 2009
Referred to the House Committee on Financial Services.
Mar 19, 2009
Introduced in House
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 Plain-English summary Congressional Research Service

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.

What's happening now March 19, 2009

Referred to the House Committee on Financial Services.

 Related & companion bills 1
  • S 582 Related bill Interest Rate Reduction Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1
Perriello, Thomas
· Jan 27, 2010
 D
Cohen, Steve
Tennessee · Mar 19, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1640: Interest Rate Reduction Act. 111th Congress. Open America. https://openamerica.io/bill/111-HR-1640/
MLA
"H.R. 1640: Interest Rate Reduction Act." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-HR-1640/.
Bluebook (legal)
H.R. 1640, 111th Cong. (2026), https://openamerica.io/bill/111-HR-1640/.
Markdown link
[H.R. 1640: Interest Rate Reduction Act](https://openamerica.io/bill/111-HR-1640/)
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