H.R. 1944: 10 Percent Credit Card Interest Rate Cap Act

119th Congress · introduced 2025-03-06 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

What does this mean?

Official title

10 Percent Credit Card Interest Rate Cap Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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What does this mean? (plain words)

Official text

10 Percent Credit Card Interest Rate Cap Act

Source: Congressional Research Service summary (Introduced in House)

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Officials and money

Sponsor: Rep. Ocasio-Cortez, Alexandria [D-NY-14] · 1 cosponsors

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Cosponsors on this site

Anna Paulina Luna (R-FL)

Sponsor's campaign money: Rep. Ocasio-Cortez, Alexandria [D-NY-14] reported raising $38.0 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Words on this page, explained (1)

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Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr1944.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr1944 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills