Sanders, Ocasio-Cortez Propose 15% Cap on Credit Card Interest
- Plan would let post offices offer basic banking services
- Pair call big banks ‘modern-day loan sharks’ in statement
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Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.
The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.