119th Congress Finance and Financial Sector
H.R. 1944: 10 Percent Credit Card Interest Rate Cap Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Anna Luna R-FLOriginal
Who scored on this bill
- 1Alexandria Ocasio-Cortez SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Alexandria Ocasio-Cortez
History
- Introduced in the House by Alexandria Ocasio-Cortez.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Financial Services.