H.R. 1944

119th Congress

In Committee

10 Percent Credit Card Interest Rate Cap Act

Sponsored byDemocrat:Rep. Ocasio-Cortez, Alexandria [D-NY-14]NY· Introduced 6 March 2025
Open on Congress.gov

1

Cosponsors

3

Actions

0

Amendments

0

Committees

—

Since introduced

Introduced
Committee
Passed Chamber
Passed Both
Enacted
Step 1 of 0
Latest action

Referred to the House Committee on Financial Services.

6 March 2025·1 year ago

Summary

Introduced in House · Updated 17 April 2026

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. 

Timeline

3 actions

  1. Referred to the House Committee on Financial Services.

    6 March 2025 · IntroReferral

  2. Introduced in House

    6 March 2025 · IntroReferral

  3. Introduced in House

    6 March 2025 · IntroReferral

Sponsorship

1 cosponsors

Sponsor

Democrat:Rep. Ocasio-Cortez, Alexandria [D-NY-14]NY

Cosponsors

  • Republican1100%

Classification

Policy area

Finance and Financial Sector
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