Luna, AOC Push Bipartisan Credit Rate Cap at 10%

In a rare bipartisan effort, Rep. Anna Paulina Luna, a Republican from Florida, and Rep. Alexandria Ocasio-Cortez, a Democrat from New York, have introduced legislation to cap credit card interest rates at 10%. This proposal echoes past campaign promises by Donald Trump and aligns with similar bills introduced by Senators Bernie Sanders and Josh Hawley. The initiative aims to protect consumers from 'absurd' interest rates that have reached an average of nearly 23%, trapping many in debt. Despite support, the proposal faces criticism from some financial experts and venture capitalists like Chamath Palihapitiya, who argue it could disrupt financial markets and limit credit availability. The debate highlights the ongoing struggle to balance consumer protection with financial sector stability. The collaboration between Luna and Ocasio-Cortez underscores the potential for cross-party alliances on economic issues.