A bipartisan bill was introduced to immediately place a 10% maximum limit/cap on credit card interest rates. The legislation was introduced by representatives Anna Paulina Luna of Florida and Alexandria Ocasio-Cortez of New York. It was also co-sponsored and introduced to the Senate by Senator Bernie Sanders and co-sponsored by Senator Josh Hartley and Senator Jeff Merkley. President Trump also supported the 10% credit card cap during his reelection campaign.
As cited on Representative Cortez’s page, “While banks borrow at the federal interest rate of 4.25%, credit card interest rates have nearly doubled over the last decade to 23.8%, allowing credit card companies to reap massive profits while consumers struggle to keep up with debt.” The ramifications, if passed, would ripple through the finance sector and retail/wholesale sector, producing winners and losers. Here are 3 stocks that could be benefactors.
