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.
You left out the additional 12 % tax AOC wants to add so the 'net' savings is a whopping 3%... unless she taxes income at the additional 12% .. lets see Dave 15% on the limited carry CC debt while paying an addnl 12% on all income.. Sound like a good deal to you .. Econ Degree?
Sure let’s put out the fire by closing doors and windows. Is this the furthest away they could get from handling the student-debt emergency finally called the other day
The mafia and the local drug dealer must be salivating. This is a recipe to push lending to the black market.
Should be no more than 10%
15% already sounds high!
What’s wrong with politicians? And how long have credit cards been kickin ass on bank customers with exorbitant interest rates... SenateGOP SenateDems
I can finally agree to something these two nitwits say. As for student loans... I would give consideration to engineering, medical and other like degrees. Womens Studies or other Liberal arts degrees I would not give any breaks to.
Fees tho
Less credit will be available......you guys never think about how things work or should work. BS and AOC never made a job for anyone...never ran a business and probably have trouble managing their check book and own budgets! This isn’t a Socialist country and never will be!
You realize if this plan takes place the people you are trying to help will no longer have access to credit. BernieSanders AOC
Great, the socialist millionaire and the dunce that doesn't know what a garbage disposal is and if it is environmentally friendly..ROFL..is now setting the stage for government to get in cc business
They won't be happy until we are the same as Venezuela. They talk like they care all the while they are sticking it to us. Raising taxes, open borders, confiscating guns while they live high on the hog.
what about student loans?! make it fair for students to pay back education debt. no one should be getting rich off the backs of students trying to get an education AOC SenSanders
Or maybe consumers cd be smarter abt which cards/loans they apply for? It's not like there isn't a choice but it does take some time to find the best deal. And if consumers are going to be lazy/ignorant, they'll be fleeced.
And then when people with crap credit apply they will get denied and these clowns will complain and THEN they will put the government in the cc business so slackers and scumbags can have a cc
Poor Bernie is off his meds again.
Yes so high risk borrowers won't get credit , great move to hamper people trying to make a comeback
Both of them need to watch the movie from the 80's wallstreet. 'greed is good' --Michael Douglas
Unsecured loans require higher interest rates. The deeper issue is educating consumers not to use cards and high interest loans.
That will only deny low income people credit
I really like AOC & I think she can be very persuasive. I wonder if she’d be able to get Bernard to stay in the Senate & endorse a woman for the presidency.
Good. Interest rates are ridiculous.
OK. The business response will be to deny credit to those where the risk isn't worth a 15% rate.
Ok I can support this
What about pay day loans?
If they had a plan to cap income tax at 15% then I'll be interested.