An Act to authorize the regulation of interest rates payable on obligations issued by affiliates of certain depository institutions, and for other purposes.
Public Law 93-501 · S. 3838 · 93rd Congress · began in the Senate
Signed by Gerald Ford (R) on Oct 29, 1974 · Finance and Financial Sector
Sponsor: Sen. William Proxmire (D-WI)
Cosponsors (1): Sen. Warren Magnuson
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
=Title I: Regulation of Interest Rates on Certain Obligations= - Revises the Federal Reserve Act by authorizing the Federal Reserve Board to regulate debt obligations of a parent holding company or an affiliate of a member bank regardless of the use of the proceeds within the holding company.
Grants similar regulatory authority to the Board of Directors of the Federal Deposit Insurance Corporation with respect to parent holding companies and affiliates of insured non-member banks and to the Federal Home Loan Bank Board with respect to parent holding companies and affiliates of Federally insured institutions.
=Title II: Interest Rate Amendments Regarding State Usury Ceilings on Business Loans= - Allows, through fiscal year 1977, specified financial institutions to charge interest on business and agricultural loans over $25,000 at a rate up to 5 percent above the Federal discount rate, regardless of State law.
Prescribes penalties for institutions charging interest at a rate in excess of that allowable under this title, where such rate exceeds that permissible under State law.
=Title III: Applicability of State Usury Ceilings to Certain Obligations Issued by Banks and Affiliates= - Precludes specified financial institutions from pleading or claiming, directly or by counter-claim, with respect to any deposit or obligation of such institution, any defense or right under any State law regulating or limiting interest rates.
Suspends criminal and civil penalties which would otherwise be applicable under any such statute.
Stipulates that the provisions of this title are to be in effect until July 1, 1977, or until States enact overriding legislation limiting the amount of interest which may be charged in connection with deposits or obligations referred to in this title.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 16 actions.
- Oct 29, 1974Became lawBecame law · Signed by President.
- PresidentPresident · Public law 93-501.
- Oct 17, 1974PresidentPresident · Measure presented to President.
- Oct 11, 1974Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- Oct 9, 1974Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Oct 8, 1974Resolving differencesResolving differences · Conference report filed in House, H. Rept. 93-1440.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 93-1440.
- Oct 7, 1974Resolving differencesResolving differences · Conference scheduled in House.
- Sep 16, 1974Resolving differencesResolving differences · Conference scheduled in Senate.
- Sep 11, 1974FloorFloor · Measure passed House, amended, in lieu of H.R. 15928.
- Sep 10, 1974FloorFloor · Measure passed Senate, amended.
- Aug 21, 1974CommitteeCommittee · Reported by Senate Banking, Housing, and Urban Affairs Committee
- Jul 30, 1974CommitteeCommittee · Referred to Senate Banking, Housing, and Urban Affairs Committee
- IntroducedIntroduced · Introduced in the Senate
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.