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Senator Bernie Sanders (I-Vt.) and Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) banded together on May 9 to unveil a new bill that would cap credit card interest rates at 15 percent. The Loan Shark Prevention Act would “combat the predatory lending practices of America’s big banks” and protect consumers by imposing a 15 percent federal cap on credit card interest rates.
“The reality is that today’s modern-day loan sharks are no longer lurking on street corners breaking kneecaps to collect their payments,” said Sanders in a
