Bernie Sanders and AOC’s intend to crack straight down on high-interest loans, explained

Economical (but scarcer) bank cards additionally the final end of payday advances.

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Rep. Alexandria Ocasio-Cortez (D-NY) talks within a rally at Howard University might 13, 2019 in Washington, DC. Alex Wong/Getty Images

Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) have proposal that is deceptively simple make banking better: cap interest levels on customer loans at 15 % per 12 months.

The avoid Loan Sharks Act is really a sweeping policy proposition that would impact not merely the bank card industry — one of the most significant goals of immediate protection for the bill — but in addition other sectors regarding the monetary solutions industry. (more…)