Bernie Sanders, AOC unveil Loan Shark Prevention Act


He's also competing with Senator Elizabeth Warren of MA, who's built her reputation as a harsh critic of Wall Street and as a champion for consumers.

Ocasio-Cortez discussed her observations as a representative from an urban congressional district in NY.

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.

"This isn't anything radical, because we had these laws for a very long time", Ocasio-Cortez said.

Ocasio-Cortez also presided over "special orders".

The congresswoman added that she's "entertaining" an endorsement but "it's not going to be for a while".

During that same interview, she praised Sanders and Warren.

During their announcement of the new legislation, which was streamed live on Facebook and Twitter, Sanders blasted "grotesque and disgusting behavior" on the part of predatory lenders.

Representative Ocasio-Cortez stated, "There is no justifiable reason that a person-no matter their background-should be charged an interest rate higher than 15 percent".

Ocasio-Cortez was forced to delete a FAQ document about her "Green New Deal" after it was mocked for the weird and extreme policy suggestions.

The legislation fits with both politicians' overarching political narrative that subscribes to the idea that financial institutions have too much power and is rigged against working people.

This election cycle, Biden is facing a lot more competition from progressive candidates than he did in 2016 when he lost the nomination to eventual-candidate Hillary Clinton. Bernie Sanders and Rep. His 2020 presidential campaign has been flagging in the polls, losing ground to former Vice President Joseph R. Biden. No other candidate got double-digit support, and the third place Democrat, South Bend, Indiana Mayor Pete Buttigieg, earned 8 per cent.

Another industry spokesman, Richard Hunt, of the Consumer Bankers Association, that includes J.P. Morgan Chase and Bank of America, argued a one-size-fits-all cap would make loans harder for all Americans with non-traditional incomes and less than stellar credit scores.

Since then, her star has continued to burn brightly in the eyes of activists, and she has become natural allies with Mr. Sanders and other liberal champions on Capitol Hill, where she has led the charge for proposals such as the Green New Deal and "Medicare for All".