Fair Credit Card Interest Rate Act

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Sep 23, 2004

Fair Credit Card Interest Rate Act - Amends the Truth in Lending Act to prohibit a creditor during any calendar quarter from imposing a finance charge under an open end consumer credit plan involving a credit card which results in an annual percentage rate greater than ten percentage points over the most recent composite prime rate published in the Wall Street Journal before the beginning of the ten-business-day period ending on the first day of such calendar quarter (thus setting a ceiling on credit card interest rates) .

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People & committees

Who introduced it

Rep. Bell, Chris [D-TX-25] · D–TX

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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Oct 7, 2004
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Sep 23, 2004
Referred to the House Committee on Financial Services.
Sep 23, 2004
Introduced in House
Sep 23, 2004
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Sep 23, 2004 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 18, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze H.R.5138 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss H.R.5138, 108th Congress: Fair Credit Card Interest Rate Act

Official record: https://www.congress.gov/bill/108th-congress/house-bill/5138

Text version to examine: Introduced in House · 2004-09-23.

Official full text: https://www.congress.gov/108/bills/hr5138/BILLS-108hr5138ih.htm

Imported record last updated by the source: 2025-08-18T19:04:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.5138 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine H.R.5138 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss H.R.5138, 108th Congress: Fair Credit Card Interest Rate Act

Official record: https://www.congress.gov/bill/108th-congress/house-bill/5138

Text version to examine: Introduced in House · 2004-09-23.

Official full text: https://www.congress.gov/108/bills/hr5138/BILLS-108hr5138ih.htm

Imported record last updated by the source: 2025-08-18T19:04:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5138 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.5138 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.5138, 108th Congress: Fair Credit Card Interest Rate Act

Official record: https://www.congress.gov/bill/108th-congress/house-bill/5138

Text version to examine: Introduced in House · 2004-09-23.

Official full text: https://www.congress.gov/108/bills/hr5138/BILLS-108hr5138ih.htm

Imported record last updated by the source: 2025-08-18T19:04:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5138 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.5138 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.5138, 108th Congress: Fair Credit Card Interest Rate Act

Official record: https://www.congress.gov/bill/108th-congress/house-bill/5138

Text version to examine: Introduced in House · 2004-09-23.

Official full text: https://www.congress.gov/108/bills/hr5138/BILLS-108hr5138ih.htm

Imported record last updated by the source: 2025-08-18T19:04:13Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5138 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.