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.