LEGISLATIVE RESOLUTION memorializing the United States Congress to enact
Senate 582, the Interest Rate Reduction Act

WHEREAS, The United States Senate Bill 582 would enact the Interest Rate
Reduction Act to limit the annual percentage rate (APR) on unpaid
balances on both credit cards and loans issued to consumers and busi-
nesses to 15 percent, inclusive of all finance charges; and
WHEREAS, Fifteen percent is the same interest rate cap the United
States Congress placed on credit union loans approximately 30 years ago
under the Federal Credit Union Act; and
WHEREAS, Like the law regulating credit unions, the Interest Rate
Reduction Act would give the Federal Reserve Board the flexibility to
adjust the rate cap if it determines that the safety and soundness of
lenders are in jeopardy; and
WHEREAS, At a time when banks are receiving the largest taxpayer bail-
out in the history of the United States, as Federal Reserve short-term
interest rates have been lowered to zero percent, these same banks are
charging consumers large fees and high interest rates on credit cards
and other loans; now, therefore, be it
RESOLVED, That the Congress of the United States be and hereby is
respectfully memorialized by this Legislative Body to enact Senate 582,
the Interest Rate Reduction Act; and be it further
RESOLVED, That copies of this Resolution, suitably engrossed, be tran-
smitted to the President of the Senate of the United States, the Speaker
of the House of Representatives, and to each member of the Congress of
the United States from the State of New York.