Sanders, Ocasio-Cortez get together with Loan Shark Prevention Act geared towards consumer-credit abuses

Socialist Voltron is coming for the business that is usury.

Bank card rates of interest could be capped at 15% nationwide under a fresh federal usury legislation proposed on Thursday by Sen. Bernie Sanders (I-VT) and Rep. Alexandra Ocasio-Cortez (D-NY).

The pair’s Loan Shark Prevention Act attracts upon an extended tradition, not merely in legislative politics however in human thought that is moral. Many major faith traditions have actually characterized usurious financing as being a grave sin, while the history materials made by the populist set make pains to reference the “special spot into the Seventh Circle of Hell” such loan providers are accorded in late-medieval depictions associated with the inferno. Continue reading