Bernie Sanders, AOC Team Up to Cap Credit Card Interest Rate at 15 Percent

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Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez at Solving Our Climate Crisis: A National Town Hall (US Senator Bernie Sanders, Facebook)

Senator Bernie Sanders (I-Vt.) and Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) banded together on May 9 to unveil a new bill that would cap credit card interest rates at 15 percent.

The Loan Shark Prevention Act would “combat the predatory lending practices of America’s big banks” and protect consumers by imposing a 15 percent federal cap on credit card interest rates.

“The reality is that today’s modern-day loan sharks are no longer lurking on street corners breaking kneecaps to collect their payments,” said Sanders in a statement. “They wear three-piece suits and work on Wall Street, where they make hundreds of millions in total compensation and head financial institutions like JPMorgan Chase, Citigroup, Bank of America, and American Express.”

“Under the legislation we are introducing today, we would establish a…

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