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Rep. Stiles: Lower credit card rates by boosting competition, not by simple caps

House Administration Committee (chair) / House Financial Services Committee (member) ยท January 12, 2026

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Summary

Asked about a proposed 10% cap on credit card rates, Rep. Brian Stiles said lawmakers should seek to lower rates for consumers but cautioned against market manipulation and urged measures that increase competition to bring down costs.

When asked whether a 10% cap on credit card interest rates would be appropriate, Congressman Brian Stiles said lawmakers want to bring rates down for everyone but should be cautious about interventions that could distort markets. "I think we wanna bring rates down for everyone. I don't think we always wanna go in and manipulate the market," he said, adding that policymakers should examine what is driving high rates and consider ways to introduce more competition.

Stiles did not specify particular legislative language, enforcement mechanisms, or the trade-offs of a statutory rate cap in the segment. His remarks framed the issue as one of market structure and competition rather than an endorsement of a numeric cap.

The transcript records Stiles's general stance but does not identify specific bills, sponsors, or timelines related to a 10% cap.