AOC and Anna Paulina Luna Unite for Bill to Fulfill Trump’s Campaign Promise
Lawmakers from both sides of the aisle have come together to push forward a proposal that aligns with one of former President Donald Trump’s campaign pledges.
During his campaign, Trump vowed to curb soaring credit card interest rates, stating, “We’re going to put a temporary cap on credit card interest rates. We’re going to cap it around 10 percent. We can’t let them make 25 and 30 percent,” as reported by WSAZ-TV.
Now, Democratic Rep. Alexandria Ocasio-Cortez of New York and Republican Rep. Anna Paulina Luna of Florida are backing a bill to set a maximum credit card interest rate, according to a statement from Ocasio-Cortez’s office.
https://x.com/NOD0ZE/status/1839498765473869901
A similar initiative was introduced in the Senate last month by Republican Sen. Josh Hawley of Missouri and independent Sen. Bernie Sanders of Vermont.
The legislation seeks to cap all credit card interest rates at 10 percent.
“During his campaign, President Trump pledged to cap credit card interest rates at 10 percent,” Ocasio-Cortez emphasized.
“We’re making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt,” she continued.
Luna echoed the sentiment, expressing her support for the bipartisan effort.
“I’m proud to be the bipartisan co-lead to this legislation. For too long, credit card companies have abused working class Americans with absurd interest rates, trapping them in an almost insurmountable amount of debt,” Luna stated.
“We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates,” she added.
When questioned about teaming up with a progressive counterpart, Luna defended the partnership.
“I would argue it isn’t strange at all. Most people agree insane credit card interest rates are predatory,” she responded on X after being labeled part of an unlikely duo.
https://x.com/realannapaulina/status/1898138448919162949
According to Bankrate, as reported by The New York Times, the average credit card interest rate exceeds 20 percent.
In 2023, the average rate hit 22.8 percent—the highest recorded since the Federal Reserve began tracking the data in 1994.
https://x.com/HawleyMO/status/1858927575428386831
Hawley has described the current rates as “exploitative.”