10 Percent Credit Card Interest Rate Cap Act
Introduced Mar 6, 2025 by Rep. Alexandria Ocasio-Cortez
It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.
This bill temporarily caps credit card interest rates at 10%.
Creditors that knowingly violate this bill forfeit the entire interest of the debt. The bill also provides a private right of action for debtors to recover interest, finance charges, or fees. The action must be brought within two years of the violation. In addition, violations of this bill are subject to civil liability under the Truth in Lending Act, which is enforced by the Consumer Financial Protection Bureau and the Federal Trade Commission.
These changes sunset on January 1, 2031.
Summary by the Congressional Research Service.
No floor votes yet — it hasn't reached the floor of either chamber.