HR 3408
99th Congress
House
Commerce
Competition
Consumer credit
Consumer protection
Credit
Credit cards
Finance and Financial Sector
Interest
Interest rates
Credit Card Interest Rate Limitation Act of 1985
Introduced: September 20, 1985
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
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
Plain-English summary
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.
What's happening now
Subcommittee Hearings Held.
Committees of jurisdiction
2
Cosponsors
1