Text of the Interest Rate Reduction Act

This bill was introduced in a previous session of Congress and was passed by the House on April 27, 2012 but was never passed by the Senate. The text of the bill below is as of Apr 25, 2012 (Introduced).

This is not the latest text of this bill.

Download PDF

Source: GPO



2d Session

H. R. 4628


April 25, 2012

introduced the following bill; which was referred to the Committee on Education and the Workforce, and in addition to the Committees on Energy and Commerce and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


To extend student loan interest rates for undergraduate Federal Direct Stafford Loans.


Short title

This Act may be cited as the Interest Rate Reduction Act.


Interest rate extension

Subparagraph (D) of section 455(b)(7) of the Higher Education Act of 1965 (20 U.S.C. 1087e(b)(7)(D)) is amended—


in the matter preceding clause (i), by striking 2012 and inserting 2013; and


in clause (v), by striking 2012 and inserting 2013.


Repealing prevention and public health fund


In general

Section 4002 of the Patient Protection and Affordable Care Act (42 U.S.C. 300u–11) is repealed.


Rescission of unobligated funds

Of the funds made available by such section 4002, the unobligated balance is rescinded.


Compliance with Statutory Pay-As-You-Go Act of 2010

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.