On Thursday, New York congresswoman Alexandria Ocasio-Cortez introduced her first official bill in the United State Congress: the Loan Shark Prevention Act, which would limit the interest rate on all consumer loans to 15 percent. (Over in the Senate, Vermont senator and Democratic 2020 hopeful Bernie Sanders unveiled an identical proposal.) Enacting the measure into law would have two primary effects: First, it would force most credit card companies to lower the rates their customers currently pay. Second, and most importantly, it would wipe the payday lending industry off the map.
Thursday, May 9, 2019