Senator Sanders and Representative Ocasio-Cortez Unveil the Loan Shark Prevention Act to safeguard Consumers
Senator Sanders and Representative Ocasio-Cortez Unveil the Loan Shark Prevention Act to guard Consumers
WASHINGTON, May 9 вЂ“ Sen. Bernie Sanders (I-VT) and Rep. Alexandria Ocasio-Cortez (D-NY) revealed brand new legislation, the mortgage Shark Prevention Act, to fight the predatory lending techniques of AmericaвЂ™s big banking institutions and protect customers who will be strained with exorbitant credit-card rates of interest. The legislation imposes a 15-percent federal limit on interest levels and empowers specific states to determine reduced restrictions.
The lawmakers additionally outlined an agenda to construct and expand fundamental post office banking solutions as an available, affordable option to check-cashing and payday-lending companies.
вЂњThe truth is the fact that todayвЂ™s modern-day loan sharks are not any longer lurking on road corners breaking kneecaps to gather their payments,вЂќ said Senator Sanders. вЂњThey wear three-piece suits and work with Wall Street, where they make vast sums as a whole payment and mind institutions that are financial JPMorgan Chase, Citigroup, Bank of America and United states Express.вЂќ
вЂњUnder the legislation we have been launching today, we might establish a national rate that is usury ensure that no bank or shop in the usa could charge mortgage loan greater than 15 per cent,вЂќ Sanders stated.
Representative Ocasio-Cortez reported, вЂњThere is no justifiable reason why a personвЂ”no matter their backgroundвЂ”should be charged mortgage greater than 15 per cent. Prices more than 15 per cent are predatory financial obligation traps, built to keep families that are working and invite predatory organizations to enrich by themselves from the misfortune of other people.вЂќDetalles