H.R. 1944 · Where this bill is now
In committee
Introduced in the House, sent to the Committee on Financial Services, Mar 6, 2025
What this bill does
In plain words · AI-written from the official summaryCredit card interest rates capped at 10 percent
This bill would limit credit card interest rates to a maximum of 10%. If a credit card company knowingly charges more than that, they'd have to give up all the interest they tried to collect on that debt. People could sue to get back any interest, finance charges, or fees they were overcharged, and they'd have two years to do it. The Consumer Financial Protection Bureau and Federal Trade Commission would also be able to take action against violations.
How it affects you
If you carry a credit card balance, this could mean paying much less in interest charges, since many credit cards currently charge rates well above 10%. Credit card companies would face serious consequences—losing all interest and facing lawsuits—if they violate the cap. These rules would be temporary, ending on January 1, 2031.
Read the official summary (Introduced in House, Mar 6, 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.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 1944
A BILL
10 Percent Credit Card Interest Rate Cap Act
Sponsor: Rep. Alexandria Ocasio-Cortez (D-NY-14) · Introduced Mar 6, 2025 · Finance and Financial Sector · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Mar 6, 2025: “Referred to the House Committee on Financial Services.”