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S 582 111th Congress Senate Finance and Financial Sector Civil actions and liability Consumer credit Interest, dividends, interest rates

Interest Rate Reduction Act

Introduced: March 12, 2009 Introduced by: Sanders, Bernard Independent · Vermont 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 12, 2009
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 12, 2009
Sponsor introductory remarks on measure. (CR S3076-3077)
Mar 12, 2009
Introduced in Senate
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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 12, 2009

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 1
  • HR 1640 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 2
D
Whitehouse, Sheldon
Rhode Island · Mar 23, 2009
 D
Durbin, Richard J.
Illinois · Mar 12, 2009
Cite this page click to expand
APA
U.S. Congress. (2026). S. 582: Interest Rate Reduction Act. 111th Congress. Open America. https://openamerica.io/bill/111-S-582/
MLA
"S. 582: Interest Rate Reduction Act." 111th Congress, 2026, Open America, https://openamerica.io/bill/111-S-582/.
Bluebook (legal)
S. 582, 111th Cong. (2026), https://openamerica.io/bill/111-S-582/.
Markdown link
[S. 582: Interest Rate Reduction Act](https://openamerica.io/bill/111-S-582/)
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