A historic and diverse coalition of civil rights, labor unions, veterans, consumer protection, and borrower advocates sent an urgent letter to leaders on the Senate Committee on Banking, Housing, and Urban Affairs and the House Financial Services Committee calling on them to advance S. 381/H.R. 1944, the 10 Percent Credit Card Interest Rate Cap Act of 2025. This bipartisan, bicameral legislation—led by Senators Sanders and Hawley and Representatives Ocasio-Cortez and Luna—would cap credit card interest rates at 10 percent for five years.
The proposal is estimated to save working families $100 billion every year and provide interest savings of $899 per person on average annually. The letter, which includes more than 55 national and state organizations, including the AFT, United Food and Commercial Workers International Union (UFCW), NAACP, Hispanic Federation, Minority Veterans of America, and Consumer Federation of America can be found below.
Read the Letter: Credit Card Interest Rate Cap Coalition Letter