In the seemingly singular bipartisan alliance, Anna Paulina Luna, members of the Conservative Freedom Council, R-FLA, and Alexandria Ocasio-Cortez, DN.Y.
“The annual rate applicable to extensions of credit earned through credit card usage cannot exceed 10% points, including all financial fees,” the proposal provides.
In response to a post by Luna and her left-leaning compatriot, X, labeled “Strange Bed Fellow,” the GOP lawmaker said, “I argue that it's not odd at all. Most people agree that insane credit card rates are predatory.
What is the impact of credit card interest rate caps?
Left: Rep. Anna Paulina Luna, R-FLA. Right: Rep. Alexandria Ocasio-Cortez, DN.Y. (Left: Bill Clark/CQ-Roll Call, Inc; Right: Tom Williams/CQ-Roll Call, Inc via Getty Images)
I-Vt. Senator Bernie Sanders and R-Mo. Senator Josh Hawley moved forward with the proposal last month in the Senate.
Trump came up with the idea of a temporary cap Credit Card interest During the campaign speech last year.
Bernie Sanders and Josh Hawley team up with Trump's pledge to cut credit card rates to 10%
“And while working Americans are catching up, we're going to set a temporary cap on credit card rates. We'll cap it to about 10%. We can't make them 25% and 30%,” he said.
“We are speaking of that pledge by introducing a law to protect people working from those trapped under a mountain of debt,” Ocasio-Cortez said of Trump's pledge, according to a lawmaker's press release on the proposed law.
AARP discovered by an elderly American accumulating credit card debt to cover costs
US Presidential Election Donald Trump smiles at Turning Point USA's America Fest held at the Phoenix Convention Center in Phoenix, Arizona on December 22, 2024. (Rebecca Noble/Getty Images)
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“For too long, credit card companies have abused working-class Americans at absurd rates and locked them in almost insurmountable amounts of debt,” Luna said. “We need a fair solution. That means removing the status quo and setting a reasonable cap on interest rates.”
