Bernie Sanders and Alexandria Ocasio-Cortez will reportedly introduce new legislation today capping credit card and consumer loan interest rates at 15 percent and also set penalties for companies that violate the law “including a forfeiture of all interest on the illegal loans,” according to the Intercept.
The proposed cap would be six percent lower than the current median interest rate of 21.36 percent, according to the Washington Post, though it’s three percent higher than the median interest was just a decade ago. For those with poor credit scores, the average rate is 24.99 percent, meaning this legislation would dramatically change the interest they pay.