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

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

Former Hillary Clinton campaign adviser Antjuan Seawright said Friday that whether or not Rep. Alexandria Ocasio-Cortez supports 2020 Democratic candidate Bernie Sanders, he would still have the same problem "with the most dominant voting block in our party, and that's African-American voters".

Ocasio-Cortez (D-N.Y.) will be introducing the House version of the bill. It's often hard for low-income people to access credit at all, and when they do, they're more likely to have poor credit and to take out subprime credit cards with high interest rates. "It's common sense - in fact, we had these Usury laws until the 70s".

Sanders' and Ocasio-Cortez's proposal, the primary reason for their event, called for a maximum interest rate of 15 percent on credit cards and other consumer loans, attacking what they called "extortion" from banks and credit card companies. The two lawmakers explained their bill in a live video presentation Thursday afternoon. "I also think Senator Warren has that". "In poorer and lower-income urban communities, there are way fewer banks per capita". 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".

"I am sure it will be criticized", Sanders said of his bill. In that interview, he conceded the plan is not likely to gain traction with the current configuration of the Senate, where there is a Republican majority.

More news: Supporters of Maduro and Guaido clash at Venezuelan embassy in US
More news: Daniel James nears £15m Manchester United move from Swansea
More news: Apple faces European Union probe following Spotify's antitrust complaint

According to data from Creditcards.com, as cited by The Washington Post, the median interest rate was 21.36 percent last week - compared with 12.62 percent 10 years ago.

"Today's loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates", the statement said.

Sanders also spoke about the next steps beyond this proposal, including renewing his call for banking access through the postal service. "They see a real profit center in going after desperate people ... who can not afford the basic necessities of life".

Related Articles