Isn’t this the bill AOC co-sponsored?
https://www.congress.gov/bill/119th-congress/house-bill/1944
Here’s the original BumRDS post from last March…
https://www.democraticunderground.com/10143415421
In a bipartisan move aimed at financial reform, Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna have introduced legislation that would cap credit card interest rates at a maximum of 10 percent. The proposed cap is a stark reduction from current rates, which average around 21 percent, according to the St. Louis Fed.
"During his campaign, President Trump pledged to cap credit card interest rates at 10 percent. We're making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt," Ocasio-Cortez said in a press release. Newsweek reached out to Representatives Alexandria Ocasio-Cortez and Anna Paulina Luna for comment via email on Monday.
Why It Matters
Echoing a campaign promise from Trump, the bill aims to realize a pledge that was touted as a solution to the debt many Americans face due to high credit card interest rates. By capping rates for around five years, the bill would provide a period of relief to consumers. As of December 2024, Americans hold $1.21 trillion in credit card debt, an increase of $45 billion from September 2024, per New York Fed data. What's more, 7.18 percent of U.S. credit card debt is in serious delinquency, meaning Americans are facing potential credit score damage, increased financial stress and the looming threat of collections.
What To Know
The legislation (H.R.1944) was introduced late last week by Ocasio-Cortez, a New York Democrat, and is co-sponsored by Luna, a Florida Republican. It would amend the Truth in Lending Act to immediately enforce an interest rate cap of 10 percent, directly challenging the substantial profits garnered by credit card companies at the expense of consumers.
Read more: https://www.newsweek.com/credit-card-interest-rates-change-under-new-bill-2042280
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