AOC and Luna Team Up on Bill Capping Credit Card Interest at 10%
Reps. Anna Paulina Luna (R-FL) and Alexandria Ocasio-Cortez (D-NY) introduced bipartisan legislation to cap credit card interest rates at 10%, a figure significantly lower than the current average of 28.71%. This proposal, also previously advocated by President Trump, aims to alleviate the burden of high-interest debt on working-class Americans. Opponents, including banking groups, warn that such a cap could restrict credit availability for millions, citing examples from Oregon and Chile where similar policies reduced credit access. While the legislation currently lacks widespread support, it highlights a growing bipartisan concern over the rising cost of credit.
John Q. Hosedrinker