Economy

Ocasio-Cortez, Sanders to take on credit card industry with new legislation

Ocasio-Cortez, Sanders to take on credit card industry with new legislation”

Bernie Sanders on Thursday, which contains a proposal that she admitted might sound dramatic.

During an announcement streamed on Twitter, Ocasio-Cortez, D-N.Y., accused banks of acting as "modern-day loan sharks". "It's common sense - in fact, we had these Usury laws until the 70s".

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.

The average interest rate on new credit card offers is at a record high 17.73 percent, according to Creditcards.com, which has been tracking the rates since 2007. "But what we actually see is that in poor and lower-income urban communities, there are way fewer banks per capita".

Sanders also called for universal banking through the postal system - an idea that was famously propounded by Sen.

They said it would match the interest rate cap for credit unions.

It's being billed as the first major legislative effort by the freshman Democrat from New York City, paired with Sanders, the 2020 White House Hopeful and independent senator from Vermont - neither of whom have shied away from the "socialist" moniker.

"I think Twitter banned AOC Press for the increasing amounts of attention it's been receiving lately", Morrison said.

Sanders acknowledged in an interview with the Washington Post that the bill will face stiff resistance in the GOP-controlled Senate.

Sanders and Ocasio-Cortez said that, even after Wall Street was bailed out during the financial crisis, they are back to taking advantage of "working people" and gambling off of the economy.

"An additional crisis, but part of this whole situation, is that many poor people don't have access to banking services because the big banks are not anxious about somebody who, you know, makes 10 bucks an hour", Sanders said during the video announcement.



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