BREAKING: Reps. Luna, Ocasio-Cortez Introduce Bipartisan Bill to Cap Credit Card Interest Rates at Ten Percent
Mar 07, 2025
Press
| FOR IMMEDIATE RELEASE Date: March 7, 2025 Contact: Dominick Buehler, Dominick.Buehler@mail.house.gov |
| WASHINGTON, D.C. —Today, U.S. Representatives Anna Paulina Luna (R-FL) and Alexandria Ocasio Cortez (D-NY) introduced bipartisan legislation that would establish a ten percent ceiling on credit card interest rates. Senators Josh Hawley (R-MO) and Bernie Sanders (I-VT) introduced companion legislation in the Senate last month. “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. We need a fair solution – and that means getting rid of the status quo and putting a reasonable cap on interest rates,” said Representative Anna Paulina Luna. “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. 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,” said Rep. Alexandria Ocasio-Cortez. You can read the bill text here. In February 2024, the Consumer Financial Protection Bureau reported that average credit card interest rates had reached an all-time high at 22.8 percent, nearly double the average rate in 2013. |
| Website: Luna.House.Gov | X: @RepLuna | Instagram: @RepLuna ### |