An unlikely duo of lawmakers is teaming up to bring relief to consumers by creating caps on credit card interest rates.
The bill notes that “any fees that are not considered finance charges … may not be used to evade the limitations … and the total sum of such fees may not exceed the total amount of finance charges assessed.”
“I’m proud to be the bipartisan co-lead to this legislation. For too long, credit card companies have abused working-class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt,” Luna said. “We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates.”
Ocasio-Cortez made no mention of her collaboration with Luna in her announcement of the legislation. Instead, she mentioned how President Donald Trump made a campaign promise to cap credit card interest rates.
They are seeking to put a cap on credit card interest at 10%.
FOUR BIG DEADLINES IN 2025 THAT WILL TEST GOP TRIFECTA LEADERSHIP
“Credit cards with high interest rates regularly trap working people in endless cycles of debt. At a time when families are struggling to make ends meet, we cannot allow big banks to shake down our communities for profit,” Ocasio-Cortez said. “During his campaign, President Trump pledged to cap credit card interest rates at 10%. We’re making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt.”
Sens. Josh Hawley (R-MO) and Bernie Sanders (I-VT) introduced their own version of the bill last month.