Sanders, Ocasio-Cortez want to cap credit card interest rates

Bernie Sanders, Alexandria Ocasio-Cortez unveil bill to stop

Ocasio-Cortez admits plan to cap interest rates 'sounds radical'

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. "People who are trying to mock and delay this moment, I mean-I just feel bad for you".

An outline of the plan released ahead of their formal announcement sharply criticized banks for charging on average more than 17% interest on credit card balances while they are able to borrow money at less than 2.5%. He proceeded to describe the ugliness of a system in which "the poorer you are, the more desperate you are, the higher your interest rates are".

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Ocasio-Cortez discussed her observations as a representative from an urban congressional district in NY.

Since entering the political sphere, Ocasio-Cortez has been a champion for the Green New Deal, an economic stimulus concept created to tackle income inequality and climate change. "These predatory loans and high interest rates impact rural communities". They impact urban communities like those that I represent, and it's amusing because you would think in a densely-populated community like the Bronx or like Jackson Heights that you'd be able to have a bank on every corner. Ocasio-Cortez also called for establishing healthcare as a right, a living wage, improved public education and spreading economic power more broadly. I have a radical idea: "Maybe Congress should stand up for ordinary people". And while wealthier households can afford to pay down credit cards quickly, lower-income households struggle to do so and can trap themselves further and further into debt.

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Sanders also spoke about the next steps beyond this proposal, including renewing his call for banking access through the postal service. Senator Elizabeth Warren has done the same, and Senator Kirsten Gillibrand introduced a postal banking bill in 2018.

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