Luna and Ocasio-Cortez push credit card interest rate cap

In an unexpected move, conservative House Freedom Caucus member Rep. Anna Paulina Luna, R-Fla., and Congressional Progressive Caucus member Rep. Alexandria Ocasio-Cortez, D-N.Y., have joined forces to advocate for a measure that would limit credit card interest rates to 10%. The proposal specifies that the annual percentage rate on credit card extensions cannot exceed 10 percentage points, inclusive of all finance charges.

Their collaboration on this issue has been met with some surprise, with many labeling Luna and Ocasio-Cortez as “strange bedfellows.” However, Luna defended their partnership by stating that the majority of people agree that exorbitant credit card interest rates are predatory and need to be addressed.

This initiative was originally introduced in the Senate by Sen. Bernie Sanders, I-Vt., and Sen. Josh Hawley, R-Mo., last month. Even former President Trump has expressed support for a temporary cap on credit card interest rates during a campaign speech, suggesting a 10% limit to prevent consumers from being burdened by high interest charges.

Ocasio-Cortez emphasized the importance of protecting working individuals from overwhelming debt by translating Trump’s promise into legislative action. Luna echoed this sentiment, highlighting the need for a fair solution that eliminates the current exploitative practices of credit card companies.

The proposed legislation aims to combat the long-standing issue of working-class Americans being trapped in cycles of debt due to exorbitant interest rates. By imposing a reasonable cap on credit card interest rates, Luna and Ocasio-Cortez are advocating for a more equitable financial system that prioritizes the well-being of consumers.

It is clear that both conservative and progressive lawmakers recognize the urgency of addressing predatory lending practices in the credit card industry. By coming together across party lines, Luna and Ocasio-Cortez are paving the way for bipartisan cooperation on an issue that directly impacts the financial security of millions of Americans.

As this proposal gains traction in Congress, it remains to be seen how the credit card industry and other stakeholders will respond to the push for a 10% cap on interest rates. However, one thing is certain – Luna and Ocasio-Cortez’s initiative has sparked a crucial conversation about financial fairness and consumer protection in the United States.

This article was written by Alex Nitzberg for Fox News Digital.