U.S. Rep. Anna Paulina Luna, a Pinellas County Republican, is partnering with U.S. Rep. Alexandria Ocasio-Cortez, a New York Democrat, to introduce bipartisan legislation that would cap credit card interest rates at 10%. This bill is also supported by Republican U.S. Sen. Josh Hawley and independent U.S. Sen. Bernie Sanders. Luna cited data showing that average credit card interest rates have reached an all-time high of nearly 23%, and believes it is time for a fair solution to protect working class Americans from excessive debt.
Despite their political differences, Luna and Ocasio-Cortez have found common ground on this issue, emphasizing the need for bipartisan collaboration on pocketbook issues. Ocasio-Cortez also highlighted President Donald Trump’s previous pledge to cap credit card interest rates at 10%, reinforcing the importance of protecting working people from financial difficulties.
The legislation would implement a 10% cap on credit card interest rates inclusive of all finance charges, with regulations to prevent banks from evading the limitations. However, the cap would not take effect until 2031, providing relief to consumers in the future.
This rare bipartisan effort in Washington demonstrates a commitment to addressing the financial challenges faced by American consumers, despite political divisions. The collaboration between Luna, Ocasio-Cortez, Hawley, and Sanders highlights the importance of finding solutions to protect working class Americans from excessive debt and financial exploitation.
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