Common Dreams - May 15, 2019
A survey released Tuesday found that nearly 70 percent of Republican primary voters support a proposal by Alexandria Ocasio-Cortez and Bernie Sanders to cap credit card interest rates at 15 percent.
Ocasio-Cortez and Sanders introduced the bicameral Loan Shark Prevention Act last week, vowing to tackle the greed of credit card companies that are turning a major profit by hitting Americans with exorbitant interest rates.
According to the Business Insider survey, 68 percent of respondents overall, and 73 percent of Democratic primary voters, said they either support or strongly support the legislation.
In response to the poll, Ocasio-Cortez tweeted: "Oh, what's that? All these spooky 'socialist' proposals are winning over vast majorities of GOP voters because they are common-sense, humane policies? Ya don't say."
The bicameral bill would establish a 15 percent federal cap on credit card interest rates while allowing states to set a lower maximum rate.
"There is no justifiable reason that a person—no matter their background—should be charged an interest rate higher than 15 percent," Ocasio-Cortez said in a statement after the legislation was introduced last week. "Rates higher than 15 percent are predatory debt traps, designed to keep working families underwater and allow predatory companies to enrich themselves off the misfortune of others."