10 Percent Credit Card Interest Rate Cap Act

Sponsored bySen. Sanders, Bernard [I-VT]VT· Introduced 4 February 2025

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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

4 February 2025·1 year ago

Summary

Introduced in Senate · Updated 22 July 2025

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

2 actions

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
4 February 2025 · IntroReferral
Introduced in Senate
4 February 2025 · IntroReferral

Sponsorship

3 cosponsors

Sponsor

Sen. Sanders, Bernard [I-VT]VT

Cosponsors

Democrat267%
Republican133%

Democrat:Sen. Gillibrand, Kirsten E. [D-NY]NY
Democrat:Sen. Merkley, Jeff [D-OR]OR
Republican:Sen. Hawley, Josh [R-MO]MO

Classification

Policy area

Finance and Financial Sector

Cosponsor momentum

Cumulative over time

Track 10 Percent Credit Card Interest Rate Cap Act as it moves through Congress