HR 4300 · 111th Congress 2009–2011, ended

Restoring America's Commitment to Consumers Act of 2009

Introduced Dec 11, 2009 Originated House Sponsor John F. Tierney D-MA

Latest action · Dec 11, 2009 Referred to House Rules

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedDec 11, 2009
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Restoring America's Commitment to Consumers Act of 2009 - Amends the Truth in Lending Act to prohibit the annual percentage rate (APR) applicable to an extension of credit on a credit card account under an open end consumer credit plan from exceeding 16%.

Includes in an APR any compensation fee (including a membership fee or an annual fee) for: (1) opening or maintaining the account; (2) granting an extension of credit; or (3) making available a line of credit.

Authorizes the Board of Governors of the Federal Reserve System to make adjustments to the maximum APR limitation; but creates the presumption that any increase by the Board to the maximum limitation is not in the public interest unless severe economic conditions justify the increase.

Prohibits construction of this Act as an endorsement by Congress of a 16% APR.

Declares the intention of Congress that: (1) such maximum APR limitation should merely serve as a ceiling on consumer credit cards and few, if any, consumer credit card accounts would ever bear the maximum rate; and (2) consumer credit card issuers should strive to maintain APRs most advantageous to borrowers.

Treats as an unfair or deceptive act or practice a credit card account which, as of December 11, 2009, bears an APR that is less than 16%, and subsequently increases it between December 11, 2009, and 60 days after enactment of this Act.

Imposes a $15 cap upon certain credit card account fees, including fees (such as late fees, overdraft fees, or over-the-limit transaction fees) for borrower default or breach of any condition upon which credit was extended.

Cosponsors 72

Members who signed on, in the order they did. Signatures ran from Dec 11, 2009 to Apr 14, 2010; 66 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-WV	Alan B. Mollohan	Original	Dec 11, 2009
D-FL	Alcee L. Hastings	Original	Dec 11, 2009
D-CA	Anna G. Eshoo	Original	Dec 11, 2009
D-MS	Bennie G. Thompson	Original	Dec 11, 2009
D-MN	Betty McCollum	Original	Dec 11, 2009
D-OH	Betty Sutton	Original	Dec 11, 2009
D-MA	Bill Delahunt	Original	Dec 11, 2009
D-CA	Bob Filner	Original	Dec 11, 2009
D-NH	Carol Shea-Porter	Original	Dec 11, 2009
D-TX	Ciro D. Rodriguez	Original	Dec 11, 2009
D-OH	Dennis J. Kucinich	Original	Dec 11, 2009
D-CA	Diane E. Watson	Original	Dec 11, 2009
D-MD	Donna F. Edwards	Original	Dec 11, 2009
D-CA	Doris O. Matsui	Original	Dec 11, 2009
D-TX	Eddie Bernice Johnson	Original	Dec 11, 2009
D-NY	Edolphus Towns	Original	Dec 11, 2009
D-MD	Elijah E. Cummings	Original	Dec 11, 2009
D-NY	Eric J. J. Massa	Original	Dec 11, 2009
D-CA	Fortney Pete Stark	Original	Dec 11, 2009
D-CA	George Miller	Original	Dec 11, 2009
D-CA	Henry A. Waxman	Original	Dec 11, 2009
D-SC	James E. Clyburn	Original	Dec 11, 2009
D-MA	James P. McGovern	Original	Dec 11, 2009
D-RI	James R. Langevin	Original	Dec 11, 2009
D-IL	Janice D. Schakowsky	Original	Dec 11, 2009
D-NY	Jerrold Nadler	Original	Dec 11, 2009
D-IL	Jerry F. Costello	Original	Dec 11, 2009
D-IL	Jesse L. Jackson, Jr.	Original	Dec 11, 2009
D-WA	Jim McDermott	Original	Dec 11, 2009
D-CT	Joe Courtney	Original	Dec 11, 2009
D-MI	John Conyers, Jr.	Original	Dec 11, 2009
D-CA	John Garamendi	Original	Dec 11, 2009
D-PA	John P. Murtha	Original	Dec 11, 2009
D-MA	John W. Olver	Original	Dec 11, 2009
D-NY	Jose E. Serrano	Original	Dec 11, 2009
D-PA	Kathleen A. Dahlkemper	Original	Dec 11, 2009
D-MN	Keith Ellison	Original	Dec 11, 2009
D-TX	Lloyd Doggett	Original	Dec 11, 2009
D-NY	Louise McIntosh Slaughter	Original	Dec 11, 2009
D-CA	Lynn C. Woolsey	Original	Dec 11, 2009
D-OH	Marcy Kaptur	Original	Dec 11, 2009
D-NY	Maurice D. Hinchey	Original	Dec 11, 2009
D-HI	Mazie K. Hirono	Original	Dec 11, 2009
D-NY	Michael A. Arcuri	Original	Dec 11, 2009
D-MA	Michael E. Capuano	Original	Dec 11, 2009
D-PA	Michael F. Doyle	Original	Dec 11, 2009
D-MA	Niki Tsongas	Original	Dec 11, 2009
D-NY	Nita M. Lowey	Original	Dec 11, 2009
D-RI	Patrick J. Kennedy	Original	Dec 11, 2009
D-NY	Paul Tonko	Original	Dec 11, 2009
D-OR	Peter A. DeFazio	Original	Dec 11, 2009
D-IN	Peter J. Visclosky	Original	Dec 11, 2009
D-VT	Peter Welch	Original	Dec 11, 2009
D-IL	Phil Hare	Original	Dec 11, 2009
D-AZ	Raúl M. Grijalva	Original	Dec 11, 2009
D-NJ	Robert E. Andrews	Original	Dec 11, 2009
D-CT	Rosa L. DeLauro	Original	Dec 11, 2009
D-MO	Russ Carnahan	Original	Dec 11, 2009
D-CA	Sam Farr	Original	Dec 11, 2009
D-TX	Sheila Jackson Lee	Original	Dec 11, 2009
D-MA	Stephen F. Lynch	Original	Dec 11, 2009
D-TN	Steve Cohen	Original	Dec 11, 2009
D-NY	Steve Israel	Original	Dec 11, 2009
D-NY	Timothy H. Bishop	Original	Dec 11, 2009
R-PA	Todd Russell Platts	Original	Dec 11, 2009
R-NC	Walter B. Jones	Original	Dec 11, 2009
D-VA	James P. Moran		Dec 16, 2009
D-OH	Marcia L. Fudge		Dec 16, 2009
D-CA	Michael M. Honda		Dec 16, 2009
D-VA	Thomas S.P. Perriello		Dec 16, 2009
D-WI	Steve Kagen		Jan 13, 2010
D-MD	Frank Kratovil, Jr.		Apr 14, 2010

Committees 2

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Financial Services Committee	Referred Dec 11, 2009
House	Rules Committee	Referred Dec 11, 2009

Actions 4

Everything that happened, newest first.

Dec 11, 2009Introduced in House
Dec 11, 2009Referred to House Financial Services
Dec 11, 2009Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Dec 11, 2009Referred to House Rules

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
House	Debate and remarks H2683	Louise McIntosh Slaughter D-NY	Apr 20, 2010

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Truth in Lending Act to establish a national usury rate for consumer credit card accounts under open end consumer credit plans, and for other purposes.
Short Titles as Introduced: Restoring America's Commitment to Consumers Act of 2009

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Dec 11, 2009Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.