H.R. 1610 would 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.
Detailed Summary
Interest Rate Equity Act or the IRE Act - Amends the Emergency Economic Stabilization Act of 2008 to prohibit any financial institution that receives assistance under the Troubled Asset Relief Program (TARP) from charging its customers more than 18% interest on credit card accounts.
Status of the Legislation
Latest Major Action: 3/19/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.
Points in Favor
(Log in to edit the wiki and be the first to show why the bill should pass!)
Points Against
(Log in to edit the wiki and be the first to show why the bill should not pass!)
Visitor Comments
There are currently no comments for this bill.