S. 381: 10 Percent Credit Card Interest Rate Cap Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-04 |
| Sponsor | Sen. Sanders, Bernard [I-VT] |
| Policy area | Finance and Financial Sector |
| Cosponsors | 3 |
| Latest action | 2025-02-04 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Last updated | 2026-03-11 |
Summary
Official summary (Introduced in Senate, 2025-02-04):
10 Percent Credit Card Interest Rate Cap Act
This bill temporarily caps credit card interest rates at 10%.
Creditors that knowingly violate this bill forfeit the entire interest of the debt. The bill also provides a private right of action for debtors to recover interest, finance charges, or fees. The action must be brought within two years of the violation. In addition, violations of this bill are subject to civil liability under the Truth in Lending Act, which is enforced by the Consumer Financial Protection Bureau and the Federal Trade Commission.
These changes sunset on January 1, 2031.
Cosponsors (3)
| Name | Party / state |
|---|---|
| Josh Hawley | R MO (original cosponsor) 2025-02-04 |
| Jeff Merkley | D OR 2025-03-11 |
| Kirsten E. Gillibrand | D NY 2025-10-08 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 381 are published by Congress on congress.gov.
Frequently asked questions
What is S. 381?
S. 381 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: 10 Percent Credit Card Interest Rate Cap Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 381 are available on congress.gov.
Bill data: congress.gov API (official congressional records).