Bernie Sanders, AOC introduce legislation to cap credit card interest rates at 15%

1010 WINS Newsroom
May 09, 2019 - 12:39 pm

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NEW YORK (1010 WINS) -- Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez went on a live video in order to inform viewers that they are ready to challenge Wall Street greed and are going to introduce a legislation to try to combat high credit card interest rates.

The Loan Shark Prevention Act aims to significantly cut current rates and cap interest rates for credit cards at 15%.

"There is no reason a person should pay more than 15% interest in the United States." AOC tweeted.

"It’s a debt trap for working people + it has to end." Ocasio-Cortez adds.

It would also grant the Federal Reserve authority to temporarily allow a rate increase if the safety and soundness of a lender is threatened.

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