I 111th CONGRESS 1st Session H. R. 1610 IN THE HOUSE OF REPRESENTATIVES March 19, 2009 Ms. Speier introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Emergency Economic Stabilization Act of 2008 to limit the annual percentage rate of interest that may be charged by recipients of financial assistance under such Act with respect to consumer credit card accounts, and for other purposes.

1.

Short title

This Act may be cited as the Interest Rate Equity Act or the IRE Act.

2.

Ceiling on consumer credit card interest rates imposed by TARP recipients

(a)

In general

Section 113 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5223) is amended by adding at the end the following new subsection: (e)

Ceiling on consumer credit card rates

(1)

In general

In the case of any financial institution which receives financial assistance under this title and extends credit to any consumer through a credit card account under an open end consumer credit plan, the annual percentage rate applicable to any outstanding balance on any such account while any such assistance is outstanding may not exceed 18 percent. (2)

Definitions

For purposes of this subsection, the terms consumer, credit, credit card, and open end credit plan have the same meanings as in section 103 of the Truth in Lending Act and the term annual percentage rate means the annual percentage as determined in accordance with section 107 of such Act. . (b)

Effective date

The amendment made by subsection (a) shall apply to any finance charge imposed after the end of the 30-day period beginning on the date of the enactment of this Act on any amount outstanding after the end of such period under a credit card account under an open end consumer credit plan.