Sen. Bernie Sanders (I-Vt) and Rep. Alexandria Ocasio-Cortez, (D-NY), revealed in a joint announcement that was streamed live on Twitter and Facebook their plans for legislation that would target the credit card and banking industries by capping interest rates at 15 percent.
“We’re talking about economic brutality,” Sanders said. “They see a real profit center in going after desperate people … who cannot afford the basic necessities of life.”
“To charge 30, 40 percent interest rates is no less than extortion,” said Ocasio-Cortez.
In separate comments to Fox News Ocasio-Cortez said that “this is not about tinkering at the edges to change — to make substantive improvements to people’s lives, we need to go back and really look at the core issues. And a 15 percent cap on interest rates … it’s one of those things that sounds radical today but we had these laws in half of the states in America up until the 1970s.”