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HR 3408 99th Congress House

Credit Card Interest Rate Limitation Act of 1985

Official title: A bill to amend the Truth in Lending Act to establish a limitation on the rates of interest which may be imposed on credit card accounts, to provide that such … Show full official titleShow less

Official title: A bill to amend the Truth in Lending Act to establish a limitation on the rates of interest which may be imposed on credit card accounts, to provide that such limitation shall take effect on October 1, 1986, unless the determination is made that such rates reflect the cost of funds to creditors and competition among creditors for new credit card accounts, and for other purposes.

Introduced: October 30, 1985 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
Commerce CompetitionConsumer creditConsumer protectionCredit
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Credit cardsFinance and Financial SectorInterestInterest rates
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This bill died when the 99th Congress ended
It never became law before the 99th Congress (1985–1986) 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 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 29, 1985
Subcommittee Hearings Held.
Sep 20, 1985
Referred to Subcommittee on Consumer Affairs and Coinage.
Sep 20, 1985
Referred to House Committee on Banking, Finance and Urban Affairs.
Sep 20, 1985
Introduced in House
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 Latest action October 29, 1985

Subcommittee Hearings Held.

 Plain-English summary Congressional Research Service

Credit Card Interest Rate Limitation Act of 1985 - Amends the Truth in Lending Act to establish a national ceiling on credit card interest rates. Directs the Board of Governors of the Federal Reserve System to conduct a study of: (1) the relationship between credit card interest rates and the cost of extending such credit; and (2) the degree to which such interest rates reflected competition for new credit card accounts. Requires such report to be submitted to specified congressional committees by June 1, 1986.

Provides that such ceiling shall not take effect if such study reveals that the credit rates are competitive with the cost of extending credit.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Democratic 1
D
Durbin, Richard J.
Illinois · Dec 19, 1985
KLECZKA, GERALD
· Oct 30, 1985
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3408: Credit Card Interest Rate Limitation Act of 1985. 99th Congress. Open America. https://openamerica.io/bill/99-HR-3408/
MLA
"H.R. 3408: Credit Card Interest Rate Limitation Act of 1985." 99th Congress, 2026, Open America, https://openamerica.io/bill/99-HR-3408/.
Bluebook (legal)
H.R. 3408, 99th Cong. (2026), https://openamerica.io/bill/99-HR-3408/.
Markdown link
[H.R. 3408: Credit Card Interest Rate Limitation Act of 1985](https://openamerica.io/bill/99-HR-3408/)
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