The presidential candidate of the Democratic party, Bernie Sanders and Congresswoman from the Bronx Alexandria Ocasio-Cortez accused the banks that they are acting as «modern shark loans» and urged Congress to impose a Federal limit of 15% on interest rates on credit cards.
Two socialists intend to propose a bill limiting rates on credit cards and other consumer loans, and allowing post offices to offer low-cost basic financial services such as loans, checking and a saving account.
«Today shark loans wear expensive suits and work on wall street, where they earn hundreds of millions of dollars by charging high fees and usurious interest rates», — said in a statement. However, given the Republican majority in the Senate, this proposal has little chance of becoming law in the near future.
There is no reason a person should pay more than 15% interest in the United States.
It’s common sense — in fact, we had these Usury laws until the 70s.
(The Max interest rates are record-high for ppl with excellent credit, too.)
It’s a debt trap for working people + it has to end. https://t.co/tYf4J892KQ
Alexandria Ocasio-Cortez (@AOC) May 9, 2019
«There is no reason that man should pay more than 15% in the United States. This is common sense — in fact, we had these laws on usury to 70 years. (The maximum interest rates are a record high for people with excellent credit.) This is a debt trap for the working + it must end,» writes on Twitter Congresswoman Democrat Ocasio-Cortez.
Americans have credit card debt exceeds $ 1 trillion. According to CreditCards.com referenced by Sanders and Ocasio-Cortez, the average interest rate on credit cards in the country is of 17.73% and many people pay much higher interest rates. Limit the interest rate that they offer will also apply to «payday lending».
The proposal also will allow more than 30,000 post offices to provide banking services to Americans with low incomes who currently do not have easy access to banks.
Bernie Sanders, Senator from Vermont, is running for President as a progressive, in contrast to former us Vice-President Joe Biden, the current leader in the race, which offers a more centrist alternative to the predominantly left-sided field of 21 candidates-Democrat. It also competes with Senator Elizabeth Warren from Massachusetts, which has a reputation for sharp criticism of wall street and protector of the interests of consumers, — said Bloomberg today.
New offer Sanders stresses how he will build the policy towards wall street and corporations as a permanent topic in the election race 2020. Teaming up with Ocasio-Cortez, has attracted a highly professional fellow progressives with strong support from young voters.
