Bernie Sanders and Alexandria Ocasio-Cortez Team Up To Fight Payday Lenders

AOC and Bernie are teaming up to crush the predatory loan industry. Cenk Uygur and Ana Kasparian, hosts of The Young Turks, break it down. MORE TYT:

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“ALEXANDRIA OCASIO-CORTEZ will announce her first major bill today, in partnership with Vermont Sen. and presidential candidate Bernie Sanders. It’s something Sanders has proposed for many years: a 15 percent interest rate cap on all consumer loans, which would reduce what many Americans pay on their credit cards and effectively eliminate the payday loan industry.

The bill is called the Loan Shark Prevention Act, and it’s only two pages long. It includes language that would prevent lenders from adding fees to “evade” the interest rate cap and sets penalties for violators, including a forfeiture of all interest on the illegal loans.

According to Ocasio-Cortez’s office, the freshman representative plans to suggest postal banking as a public option for consumer lending, though that is not in the legislation. A postal lending option would in theory minimize the impact on access to credit from the rate cap. Sanders endorsed postal banking during his 2016 presidential campaign.”

Hosts: Cenk Uygur, Ana Kasparian

Cast: Cenk Uygur, Ana Kasparian


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