AOC Comes Out Against Usury

Chris Menahan
May. 09, 2019

New York Democratic Rep Alexandria Ocasio-Cortez on Thursday called for an end to usurious high interest credit cards and said the usury laws of the 1970's (where usury ceilings were generally around 8 to 10 percent) were "common sense."

Alexandria Ocasio-Cortez tweeted: "There is no reason a person should pay more than 15% interest in the United States. It's common sense - in fact, we had these Usury laws until the 70s."

From Bloomberg:
Democratic presidential candidate Bernie Sanders and Representative Alexandria Ocasio-Cortez accused banks of acting as “modern-day loan sharks” and called on Congress to enact a federal limit of 15% on credit card interest rates.

The two self-identified democratic-socialists are set to propose legislation on Thursday capping rates on credit card and other consumer loans and letting post offices offer low-cost basic financial services, such as loans and checking and savings accounts.

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%.

“Today’s loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates,” the statement said.

With Republicans in control of the Senate, the proposal has little chance of becoming law any time soon.
Indeed, the GOPe just want to give our banker overlords giant tax cuts.

You have to applaud anytime politicians are criticizing usury.

This was solid rhetoric:

This was not quite as good:

Forcing banks to give loans to people who can't pay the loans back was the main cause of the 2007 crash. That said, taking our money back from the banks that we gave trillion dollar bailouts to is a great idea, especially when compared to giving them huge tax cuts!

Let's start tomorrow!

[Header image by Stale Grut /NRKbeta, CC BY-SA 2.0]

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