Bernie Sanders and Alexandria Ocasio-Cortez will unveil a plan Thursday to cap credit card interest rates at 15%.
div > div.group > p:first-child"> The lawmakers, who identify as democratic socialists, will unveil a plan Thursday to cap credit card interest rates at 15%, according to The Washington Post. The measure aims to cut current rates significantly: in February, the average credit card interest rate sat at 17.41 percent, up from 16.15 percent a year earlier.
The measure will have a tough time getting through Congress, particularly the Republican-held Senate. The bank industry will likely oppose it. But the proposal still sends a message: it comes amid a 2020 Democratic presidential primary during which contenders have tried to cast themselves as the strongest champion for workers and consumers.
Sanders' office did not immediately respond to a request to comment on the legislation. CNBC could not immediately reach Ocasio-Cortez's office.
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