PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)
Congressional Research Service
Version 00 · Introduced in Senate · Jul 14, 2021
Protecting Consumers from Unreasonable Credit Rates Act of 2021
This bill prohibits a creditor from extending credit to a consumer under an open end consumer credit plan (i.e., credit card) for which the fee and interest rate exceeds 36%.
The bill also sets forth criminal penalties for violations and empowers state Attorneys General to enforce the bill.
Credit card billing statements must include the fee and interest rate, displayed as FAIR, instead of the total finance charge expressed as an annual percentage rate (APR).
People & committees
Sen. Durbin, Richard J. [D-IL] · D–IL
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4903-4904)
Introduced in Senate
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze S.2349 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.
Examine S.2349 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.
Examine S.2349 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.
Examine S.2349 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.