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

[Yo_Mama_Been_Loggin]

Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez announced new legislation Thursday to cap credit card interest rates at 15%, a move that they said will help protect consumers from the "greed" of the credit card and banking industries.

Sanders, who is vying for the 2020 Democratic presidential nomination, referred to credit card industry executives as "loan shark hoodlums" in three-piece suits as he outlined the legislation. He also accused the industry of "grotesque and disgusting" behavior.

"Let's be clear what we're talking about: We're talking about economic brutality," Sanders said in announcing the plan during a Facebook livestream with Ocasio-Cortez. "We are talking about some of the most powerful people in the world, people who make millions and millions of dollars a year, and banks that make billions of dollars a year in profit. And they see a real profit center in going after desperate people...who cannot afford the basic necessities of life."

Credit card companies collected $180 billion in revenue from interest and fees last year, according to a summary of the proposal released by Sanders' office. Banks can borrow at 2.5% interest rates from the Federal Reserve, but the average credit card interest rate currently for consumers is a record-breaking 17.71%, the lawmakers noted.

https://www.msn.com/en-us/money/markets/bernie-sanders-aoc-unveil-legislation-to-cap-credit-card-interest-at-15percent/ar-AAB8HaD?li=BBnbfcN

[Blue_true]

1. Credit card interest rates should be no higher than the Prime Rate plus 6%.

And should float with the Prime Rate.

[Uncle Joe]

2. Kicked and recommended.

Thanks for the thread Yo_Mama_Been_Loggin.

[BlueWI]

3. Good call, AOC and Sanders

especially when banks get prime interest rate loans to help them soak borrowers with high interest.

Good work if you can get it.