Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez joined forces on a proposal to cap the interest rates consumers pay for credit cards and other loans
Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez Thursday joined forces on a proposal to cap the interest rates consumers pay for credit cards and other loans, a move they said was critical to protect Americans from fees that amount to "extortion and loan sharking."
The plan that Sanders and Ocasio-Cortez will roll out would limit credit card interest rates nationwide to 15 percent, down from what they say can be as much as 30 percent now.They also called for the U.S. Postal Service to start providing more affordable financial services products to consumers, including ATMs, paycheck cashing and checking accounts. That would put the giant agency in direct competition with the nation's banks.
"The American people are sick and tired of being ripped off by the same financial institutions that they bailed out ten years ago," they said in a statement outlining the plan. The proposal landed as Sanders embarks on a presidential campaign where he has emerged as a frontrunner among a large group of Democratic contenders. While the plan is unlikely to become law, it could factor into the presidential primary debate.
For Ocasio-Cortez, a New York Democrat and member of the House Financial Services Committee, this marks one of her first major policy proposals taking on the banking industry.
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