on march 15, 2001, in the u.s. 107th congress, u.s. rep. john lafalce (d-ny 29), introduced h.r. 1054, a bill to eliminate the use of the rule of 78s in credit transactions. the bill was referred to the house committee on financial services on the same day. on april 10, 2001, the bill was referred to the subcommittee on financial institutions and consumer credit, where it died with no further action taken.