NEW: Democratic presidential candidate BernieSanders and Rep. AOC accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit-card interest rates
1 / 2 -- Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit-card interest rates.
An outline of the plan released ahead of their formal announcement sharply criticized banks for charging an average 17.17% interest on credit-card balances while they are able to borrow money at less than 2.5%. With Republicans in control of the Senate, the proposal has little chance of becoming law any time soon.
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