S. 381: 10 Percent Credit Card Interest Rate Cap Act

S. 381 is a federal bill in the 119th Congress. Before this bill, credit card companies could set interest rates at whatever percentage they chose, often exceeding 20 percent. Under this bill, credit card interest rates are capped at a maximum of 10 percent. If a lender knowingly charges more than this… See its sponsors, how members voted, and a plain-English breakdown on PolityLens.