NEW YORK (1010 WINS) -- Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez went on a live video in order to inform viewers that they are ready to challenge Wall Street greed and are going to introduce a legislation to try to combat high credit card interest rates.
The Loan Shark Prevention Act aims to significantly cut current rates and cap interest rates for credit cards at 15%.
"There is no reason a person should pay more than 15% interest in the United States." AOC tweeted.
"It’s a debt trap for working people + it has to end." Ocasio-Cortez adds.
It would also grant the Federal Reserve authority to temporarily allow a rate increase if the safety and soundness of a lender is threatened.