Interest Reduction and Credit Priority Act

Interest Reduction and Credit Priority ACt - Provides that not less than one-third of the principal amount involved in extensions of credit after the date of enactment of this Act shall be made for any of the following purposes: (1) production of low and moderate income housing; (2) capital for plant and equipment investment to assure supplies of essential goods; (3) capital to create new jobs, prevent unemployment, or prevent inflationary prices; (4) insure stable and balanced economic growth.

Directs the President to authorize the Board of Governors of the Federal Reserve System to issue rules and regulations in accordance with the provisions of this Act. Calls upon the Board to issue such rules not later than thirty days after authorization.

Directs the Board to prescribe a maximum rate of interest for such transactions in an amount not to exceed 7 percent per annum.