The Blubber

On Friday, Reps. Alexandra Ocasio-Cortez (D-NY) and Rep. Anna Paulina Luna (R-FL) introduced legislation that would cap credit card interest rates at 10%. 

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%. 

“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.