Representative Alexandria Ocasio-Cortez and presidential candidate Bernie Sanders “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.”
The interest rate limit they propose also would apply to payday loans.
“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.
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