Senator Sanders + Rep Ocasio-Cortez present the Loan Shark Prevention Act

Senator Sanders + Rep Ocasio-Cortez present the Loan Shark Prevention Act

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.

The lawmakers also outlined a plan to build and expand basic post office banking services as an accessible, affordable alternative to check-cashing and payday-lending businesses.

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