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Bernie Sanders, Ocasio-Cortez want to cap credit card interest rates at 15 percent
They have been reaching record levels as the Fed raised key interest rates and the industry prepares for the next recession.
May 9 at 8:53 AM
Excerpt:
Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez will introduce legislation on Thursday to cap credit card interest rates at 15 percent, a steep reduction from current levels.
In an interview, Sanders, the Vermont senator running for the Democratic nomination for president, said that a decade after taxpayers bailed out big banks, the industry is taking advantage of the public by charging exorbitant rates. “Wall Street today makes tens of billions from people at outrageous interest rates,” he said.
Ocasio-Cortez (D-N.Y.) will introduce the House version of the bill.
It also has little chance of passing the Senate, where Republicans hold the majority. “I am sure it will be criticized,” Sanders said of the legislation. “I have a radical idea, maybe Congress should stand up for ordinary people.”
The 15 percent cap would be the same as the one Congress imposed on credit unions in 1980, Sanders said. (The National Credit Union Administration, the industry’s regulator, raised that cap to 18 percent in 1987 and has repeatedly renewed it at that higher level.)
https://www.washingtonpost.com/business/2019/05/09/bernie-sanders-ocasio-cortez-want-cap-credit-card-interest-rates-percent
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