Ocasio-Cortez, Sanders call for 15% cap on credit card interest rates

Ocasio-Cortez, Sanders call for 15% cap on credit card interest rates

"The thing of it is, with Bernie Sanders, her policies pretty much align with his", Nikpour said.

Sanders' and Ocasio-Cortez's proposal, the primary reason for their event, called for a maximum interest rate of 15 percent on credit cards and other consumer loans, attacking what they called "extortion" from banks and credit card companies.

Then, on February 8, she spoke before the House Oversight Committee and complained that a "bad guy" politician could be "entirely funded by corporate PACs say from the fossil fuel industry, the health care industry, big pharma" and, once elected, "draft, lobby, and shape the laws that govern the United States of America". "It's a debt trap for working people + it has to end".

According to data from Creditcards.com, as cited by The Washington Post, the median interest rate was 21.36 percent last week - compared with 12.62 percent 10 years ago.

"Let's be clear what we're talking about: We're talking about economic brutality", said Sanders, a Democratic presidential candidate.

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"What happens when everyday banks start to charge higher and higher rates?" she said. Turning post offices into banks is by no means a novel concept: now, only seven percent of the world's post offices don't offer basic financial services.

It was even lower in May 2016 - 15.19 percent. The U.S. Postal Service also would be permitted to start offering savings and checking accounts to customers. It's often hard for low-income people to access credit at all, and when they do, they're more likely to have poor credit and to take out subprime credit cards with high interest rates. Congress placed a 15 percent ceiling on credit unions almost 40 years ago, a number they have since raised a number of times.

Seawright, a Democratic strategist based in SC, made the comment on "Outnumbered Overtime", as reports surfaced that the freshman congresswoman said she is "entertaining" the idea of endorsing a candidate ifor president.

The proposal is likely to meet opposition from banks, which made some $180 billion in interest and fees in 2018.

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