(GoRealNewsNow.com) – In an uncommon move toward bipartisanship, Representative Anna Paulina Luna (R-FL) teamed up with Representative Alexandria Ocasio-Cortez (D-NY) to fulfill President Trump’s promise of capping credit card interest rates at 10%.
See the video below.
The bipartisan bill would slash current rates by nearly two-thirds, potentially freeing millions of Americans from debt slavery, but banking industry critics warn it could backfire.
Luna and AOC have introduced legislation that would cap credit card interest rates at 10%.
The proposal directly aligns with Trump’s campaign promise to limit the excessive rates currently burdening American families—an average of 28.71% interest—nearly three times higher than the proposed cap.
The bill aims to prevent credit card companies from using fees to evade interest rate limitations, addressing a system that many working-class Americans find impossible to escape.
With current rates at their highest since at least 1994, the legislation targets what Luna describes as “absurd interest rates” that trap Americans in seemingly endless debt cycles.
Luna has not minced words about credit card predatory practices: “For too long, credit card companies have abused working-class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt.”
AOC pointed to President Trump’s campaign promise to lower credit card interest rates, suggesting a shared vision with his administration.
Reflecting on current issues, AOC argued, “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,” she added.
The legislation highlights the dramatic disparity between the Federal Reserve’s benchmark interest rate of 4.25% and the eye-watering average credit card interest rate of 23.8%.
This gap has allowed big banks to reap enormous profits while everyday Americans struggle to make minimum payments that barely touch their principal debt.
Meanwhile, Josh Hawley (R-MO) and Bernie Sanders (I-VT) have introduced similar legislation in the Senate, showing that concerns about predatory lending practices cross ideological lines.
However, the banking industry has mobilized against the proposal. The American Bankers Association and various state banking groups have warned that interest rate caps could reduce credit availability, particularly for low-income Americans.
They point to examples from Oregon and Chile, where similar caps allegedly resulted in credit rationing.
The proposal comes as American families are increasingly relying on credit cards to make ends meet amid rising costs for essentials.
Many conservatives see the current interest rates as nothing short of usury, a practice historically condemned by religious and moral traditions.
By supporting this legislation, Luna and AOC demonstrate a commitment to economic fairness that transcends conventional partisan divides.
While the bill currently lacks broad support in Congress, its alignment with Trump’s campaign promises positions it as a potential priority if he returns to office.
For millions of Americans trapped in credit card debt, this legislation offers a glimmer of hope that Washington might finally address one of the most pressing financial burdens facing middle-class families.
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