Sanders and Ocasio-Cortez Are Teaming Up to Fight Credit Card Companies | NTK Network Sanders and Ocasio-Cortez Are Teaming Up to Fight Credit Card Companies

Sanders and Ocasio-Cortez Are Teaming Up to Fight Credit Card Companies

In 2016, Ocasio-Cortez worked as an organizer for Sanders’ presidential campaign. Now in Congress, the two far-left liberals are teaming up.

By NTK Staff | 05.09.2019 @12:00pm
Sanders and Ocasio-Cortez Are Teaming Up to Fight Credit Card Companies

Two of the most outspoken liberals in U.S. politics are teaming up to fight credit card interest rates, according to a new report from the Washington Post.

Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) are introducing legislation on Thursday that would cap credit card interest rates at 15 percent. The bill would also allow states to introduce their own lower limits.

The bill is likely to receive “stiff resistance” from the banking industry and from Senate Republicans, who believe that a free market should determine these rates.

For borrowers with high credit scores the average rate was 17.73 percent as of last week compared with 16.71 percent about this time last year. For those with poor credit scores, the average is currently about 24.99 percent compared with 23.77 percent a year ago.

Though Ocasio-Cortez worked on Sanders’ campaign in 2016 and she recently said the two align on numerous policy positions, she has not formally endorsed in the 2020 presidential primary.

Meanwhile, this is not the first time the credit card industry has found itself at the center of the Democratic primary debate. The day Joe Biden entered the race, Sen. Elizabeth Warren (D-MA) resurrected a 15-year-old policy fight she had with him on this issue.

“At a time when the biggest financial institutions in this country were trying to put the squeeze on millions of hard-working families, there was nobody to stand up for them. I got in that fight because they just didn’t have anyone. And Joe Biden was on the side of the credit card companies,” Warren said last month in Iowa.

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