Senator Sanders and Representative Ocasio-Cortez Unveil the Loan Shark Prevention Act to Protect Consumers
WASHINGTON, May 9 – Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) unveiled new legislation, The Loan Shark Prevention Act, to combat the predatory lending practices of America’s big banks and protect consumers who are burdened with exorbitant credit-card interest rates. The legislation imposes a 15-percent federal cap on interest rates and empowers individual states to establish lower limits.