Senator Bernie Sanders (I-Vt.) and Congresswoman Alexandria Ocasio-Cortez (D-N.Y.) will introduce a joint bill on Thursday to reduce Americans’ debt. Dubbed the Loan Shark Prevention Act, the legislation looks to cap the interest rate at 15 percent for credit card debt, while enforcing penalties for lenders who violate the limit with hidden fees.
A spokesperson for Ocasio-Cortez’s office also told The Intercept that the freshman representative plans to suggest postal banking as a public option for consumer lending—meaning the U.S. Postal Service could get into the business of operating checking and savings accounts. Turning post offices into banks is by no means a novel concept: Currently, only seven percent of the world’s post offices don’t offer basic financial services.
Yes!
Postal Service can’t take care of their own financial house . Look at all the theft by employees now and they are to be trusted with more opportunities to steal money ?
They will maker it where you do not need ID to cash checks. Vote without it. Steal the cash. Why not lose more money
As far as consumer lending goes, who’s going to hunt down the deadbeats who default on their loans?