A surprising alliance between Rep. Alexandria Ocasio-Cortez, D-N.Y., and Rep. Anna Paulina Luna, R-Fla., has taken shape in an effort to rein in soaring credit card interest rates. The two lawmakers introduced a bill that would cap interest rates at 10%, fulfilling one of President Donald Trump’s campaign pledges.
Trump previously vowed to address what he called “predatory” credit card lending, promising to limit rates that have climbed as high as 30%. His proposal is now gaining traction in both chambers of Congress, with Sen. Josh Hawley, R-Mo., and Sen. Bernie Sanders, I-Vt., introducing a parallel measure last month.
ICYMI Anna Paulina Luna and AOC authored a bill together. 😳😆
It’s a bill to cap credit card interest rates at 10%. Good one to get passed though because they are also wanting us to receive 2 years backpay on percentages over 10. pic.twitter.com/6ApjEFSldo
— ©. (@RebelValkyrie17) March 8, 2025
The House bill would make it illegal for lenders to charge an annual percentage rate above 10%, a move its sponsors argue would bring relief to millions of Americans buried in debt. “We’re making that pledge more than a talking point by introducing legislation to protect working people,” Ocasio-Cortez said.
Luna, a member of the conservative House Freedom Caucus, defended her partnership with the progressive Democrat, saying this was not a partisan issue but one of fairness. “Most people agree insane credit card interest rates are predatory,” she stated, pushing back on critics who found the alliance unexpected.
The proposal faces an uphill battle, with financial industry leaders warning that such a cap could lead to banks restricting access to credit or imposing new fees. Supporters of the bill argue that the current system unfairly exploits working-class Americans and that financial institutions should not be profiting from excessive rates.
While the fate of the legislation remains uncertain, it has sparked a rare moment of bipartisan agreement in Washington. Whether Congress advances the bill or not, the discussion over credit card interest rates is unlikely to fade anytime soon.
