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These Two Charts Show the Shocking Truth Behind the Sanders/AOC Plan to Cap Credit Card Interest Rates

Courtesy of Pam Martens

Federal Minimum Wage 1978 to Last Update in 2009

Federal Minimum Wage 1978 to Last Update in 2009

Total Consumer Credit Owned and Securitized, Outstanding (Source -- Board of Governors, Federal Reserve System)

Total Consumer Credit Owned and Securitized, Outstanding (Source: Board of Governors, Federal Reserve System)

By Pam Martens and Russ Martens

Calling 20 and 30 percent credit card interest rates “extortion and loan sharking,” Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez yesterday introduced the ‘‘Loan Shark Prevention Act’’ which would set a Federal cap of 15 percent on interest rates that can be charged to consumers.

In introducing the new legislation, Sanders and Ocasio-Cortez singled out the mega Wall Street banks, writing the following in a white paper they released simultaneously with the proposed legislation:

“Today’s modern-day loan sharks are no longer lurking on street corners, threatening violence to collect their payments. 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, and head financial institutions like JP Morgan Chase, Citigroup, Bank of America, and American Express…

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