Anna Paulina Luna partners with Alexandria Ocasio-Cortez on credit card interest caps

U.S. Rep. Anna Paulina Luna, a Pinellas County Republican, is partnering with U.S. Rep. Alexandria Ocasio-Cortez, a New York Democrat, on bipartisan legislation that would cap credit card interest rates at 10%.

And they aren’t the only Washington politicians bridging the political divide on the issue. Republican U.S. Sen. Josh Hawley of Missouri and progressive independent U.S. Sen. Bernie Sanders, who caucuses with Democrats, have introduced companion legislation in the Senate.

In announcing the legislation, Luna cited Consumer Financial Protection Bureau data from last year showing that average credit card interest rates have reached an all-time high of nearly 23%, nearly double the average in 2013.

“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 said. “We need a fair solution — and that means getting rid of the status quo and putting a reasonable cap on interest rates.”

The unlikely partnerships — four years ago Luna campaigned on taking on Ocasio-Cortez, according to an interview with Daily Caller — show that consensus can be found on issues, particularly pocketbook issues, even in the face of stark political differences.

While Ocasio-Cortez didn’t mention Luna in her statement supporting the legislation, she did mention another political foe: President Donald Trump.

“Credit cards with high interest rates regularly trap working people in endless cycles of debt. At a time when families are struggling to make ends meet, we cannot allow big banks to shake down our communities for profit,” Ocasio-Cortez said.

“During his campaign, President Trump pledged to cap credit card interest rates at 10%. We’re making that pledge more than a talking point by introducing legislation to protect working people from remaining trapped under mountains of debt.”

The legislation would implement the 10% cap “inclusive of all finance charges,” and further notes that “any fees that are not considered finance charges … may not be used to evade the limitations … and the total sum of such fees may not exceed the total amount of finance charges assessed.”

While the legislation sounds like great news for consumers, the relief won’t exactly be speedy. If enacted, the cap would not take effect until 2031, nearly six years from now.

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