Consumer Credit Fairness Act

Read twice and referred to the Committee on the Judiciary.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Jan 15, 2009

Consumer Credit Fairness Act - Amends federal bankruptcy law to require the bankruptcy court to disallow any claim arising from a high cost consumer credit transaction.

Defines "high cost consumer credit transaction" as an extension of credit by a creditor resulting in a consumer debt with an applicable annual percentage rate (APR), including related costs and fees, that exceeds, at any time while the credit is outstanding, the lesser of: (1) the sum of 15% and the yield on U.S. Treasury securities having a 30-year period of maturity; or (2) 36%.

Excludes the petition for relief of a debtor with any debts arising from a high cost consumer credit transaction from mandatory consideration for dismissal, or conversion to a case under chapter 11 or 13, based upon a finding of substantial abuse.

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People & committees

Who introduced it

Sen. Whitehouse, Sheldon [D-RI] · D–RI

Committees

Judiciary Committee

3 cosponsorship records, including any withdrawals

Legislative record

Actions

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Jan 15, 2009
Read twice and referred to the Committee on the Judiciary.
Jan 15, 2009
Introduced in Senate

Primary sources

Bill text & related measures

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

Introduced in Senate · Jan 15, 2009 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 10, 2026. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.257 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 S.257, 111th Congress: Consumer Credit Fairness Act

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/257

Text version to examine: Introduced in Senate · 2009-01-15.

Official full text: https://www.congress.gov/111/bills/s257/BILLS-111s257is.htm

Imported record last updated by the source: 2026-08-10T11:52:56Z. 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 S.257 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 S.257 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 S.257, 111th Congress: Consumer Credit Fairness Act

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/257

Text version to examine: Introduced in Senate · 2009-01-15.

Official full text: https://www.congress.gov/111/bills/s257/BILLS-111s257is.htm

Imported record last updated by the source: 2026-08-10T11:52:56Z. 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 S.257 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 S.257 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 S.257, 111th Congress: Consumer Credit Fairness Act

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/257

Text version to examine: Introduced in Senate · 2009-01-15.

Official full text: https://www.congress.gov/111/bills/s257/BILLS-111s257is.htm

Imported record last updated by the source: 2026-08-10T11:52:56Z. 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 S.257 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 S.257 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 S.257, 111th Congress: Consumer Credit Fairness Act

Official record: https://www.congress.gov/bill/111th-congress/senate-bill/257

Text version to examine: Introduced in Senate · 2009-01-15.

Official full text: https://www.congress.gov/111/bills/s257/BILLS-111s257is.htm

Imported record last updated by the source: 2026-08-10T11:52:56Z. 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 S.257 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.