Presidential hopeful Sen. Bernie Sanders (I-VT) and freshman Congresswoman Alexandria Ocasio-Cortez (D-NY), who worked for Sanders’ unsuccessful 2016 POTUS race, are teaming up for a Facebook live event at noon Eastern on Thursday to introduce legislation that will target banks and credit card companies.
The Washington Post reported that the bill will include a 15 percent cap on credit card interest rates and would allow states to set their own limits.
“Sanders, the Vermont senator running for the Democratic nomination for president, told The Washington Post in an interview that a decade after taxpayers bailed out big banks, the industry is taking advantage of the public by charging exorbitant rates,” the Post reported.
“Wall Street today makes tens of billions from people at outrageous interest rates,” Sanders said.
Ocasio-Cortez (D-N.Y.) will be introducing the House version of the bill.
The Post noted that the bill would most likely not be passed by the Republican-controlled Senate.
“I am sure it will be criticized,” Sanders said of his bill. “I have a radical idea: Maybe Congress should stand up for ordinary people.”
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