Billionaire investor Chamath Palihapitiya believes a proposed 10% cap on credit card interest rates would significantly disrupt the financial services industry while potentially benefiting consumers.
What Happened: “This would be phenomenally disruptive,” Palihapitiya wrote Sunday on X. “Would force everyone who can embrace ultra low cost rails to emerge. Incumbents would be in trouble for sure.”
Palihapitiya was responding to news that Congresswoman Anna Luna (R-FL) is working with Rep. Alexandria Cortez (D-NY) on legislation to cap credit card interest rates at 10%.
His comments come as President Donald Trump and Sen. Bernie Sanders (I-VT) have independently supported similar proposals. Sanders announced plans to introduce legislation backing Trump’s 10% cap idea.
