1974 Senate Hearing on State Interest Rate Limits
July 20, 2026
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The Frame
The hearing explored whether federal law should override state-imposed interest rate caps to ensure the availability of credit and mortgage funding during a period of high inflation.
Potentially affected actors named in the source documents. Mention is not a position.
National Banks
The proposed legislation would alter the interest rate regulations applicable to their lending activities.
Homebuyers
Changes to the National Housing Act could impact the availability and cost of mortgage financing.
State Governments
The bill proposed federal overrides of state-level interest rate limits.
Last recorded activity July 20, 2026.
Next step not available in the current record.
Summary
Key Facts
- The hearing addressed S. 3817, which proposed amendments to the National Bank Act and the National Housing Act.
- The primary subject was the impact of state usury laws on the national banking system and housing market.
- The subcommittee examined whether state-level interest rate ceilings were creating barriers to credit availability.
- The hearing took place during the 93rd Congress, second session.
- The discussion centered on the tension between state authority to regulate interest rates and federal efforts to stabilize the national economy.
Why It Matters
The hearing explored whether federal law should override state-imposed interest rate caps to ensure the availability of credit and mortgage funding during a period of high inflation.
Frequently Asked Questions
What are usury laws?
Why was the Senate holding this hearing in 1974?
News Coverage
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Federal Preemption Trend
The hearing highlights an early 1970s effort to centralize banking regulation by overriding state-level interest rate caps.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance60How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz5Current news / social attention level
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