hold on there's just too much going on in Congress lmao...
States can cap interest rates on most consumer loans.
Senator Whitehouse (D-RI), with Warren, Reed, Merkley.
Introduced in Senate, referred to committee.
This bill allows individual states to set maximum annual percentage rates, including fees, for most consumer credit transactions. It specifically excludes residential mortgage loans. Senator Whitehouse, a Democrat from Rhode Island, introduced it along with Senators Warren, Reed, and Merkley. It is currently under review by the Senate Banking, Housing, and Urban Affairs Committee.
Introduced Jan 29, 2026
This bill was introduced in the Senate on January 29, 2026, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. Before it can become law, it must be approved by that committee, then pass a vote in the full Senate, pass the House of Representatives, and finally be signed by the President.
If this bill becomes law, states would gain the power to pass laws that cap the interest rates and associated fees on various consumer loans, such as credit cards, car loans, and payday loans. These limits would apply to consumers based on where they live. However, the bill specifically states that it would not change regulations concerning residential mortgage interest rates.
Supporters Say
Supporters argue this bill protects consumers from predatory high-interest loans by empowering states to set rate caps.
Critics Say
The bill text does not detail criticisms, but some might argue it could create inconsistent credit regulations across states.