Who's been sitting in Pelosi's chair? Democrat Ocasio-Cortez

Bernie Sanders, Alexandria Ocasio-Cortez unveil bill to stop

Bernie Sanders and Rep.

Since entering the political sphere, Ocasio-Cortez has been a champion for the Green New Deal, an economic stimulus concept created to tackle income inequality and climate change. Alexandria Ocasio-Cortez teamed up Thursday to unveil legislation seeking to cap credit card interest rates at 15 percent, calling high rates a "debt trap".

Critics jumped out Ocasio-Cortez's sarcastic use of "like 10 people" after she posted a series of tweets on Saturday, explaining why her and other progressives in Congress want to increase taxes on the wealthiest Americans. The Federal Reserve would have the ability to raise rates above 15 percent for a period of 18 months, but only to preserve the "safety and soundness of financial institutions", according to the Daily Beast.

"We're talking about economic brutality", Sanders said.

The proposal also would let more than 30,000 post offices provide banking services for low-income Americans who now don't have ready access to banks. "They see a real profit center in going after desperate people ... who can not afford the basic necessities of life". Ocasio-Cortez said at the time.

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An outline of the plan released ahead of their formal announcement sharply criticized banks for charging on average more than 17% interest on credit card balances while they are able to borrow money at less than 2.5%.

"These predatory loans and high interest rates impact rural communities, they impact urban communities like those that I represent", Ocasio-Cortez said. Sanders isn't the only 2020 hopeful to endorse postal banking.

The proposal is likely to meet opposition from banks, which made some $180 billion in interest and fees in 2018.

"This specific proposal will only harm consumers by restricting access to credit for those who need it the most and driving them toward less regulated, more costly alternatives", said Jeff Sigmund, a spokesman for the American Bankers Association.

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