H.R.3408 - Credit Card Interest Rate Limitation Act of 198599th Congress (1985-1986)
|Sponsor:||Rep. Schumer, Charles E. [D-NY-10] (Introduced 09/20/1985)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 10/29/1985 Subcommittee Hearings Held. (All Actions)|
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Summary: H.R.3408 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (09/20/1985)
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.