HR 1944
119th Congress
House
Finance and Financial Sector
10 Percent Credit Card Interest Rate Cap Act
Introduced: March 6, 2025
Introduced by:
Ocasio-Cortez, Alexandria
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 6, 2025
Referred to the House Committee on Financial Services.
Mar 6, 2025
Introduced in House
Plain-English summary
10 Percent Credit Card Interest Rate Cap Act
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.
What's happening now
Referred to the House Committee on Financial Services.
Cosponsors
1