Sanders' & AOC's Credit Card Cap Would Hurt Intended Grantees

When emotions drive public policy, the inevitable outcome is a series of destructive of unintended consequences. That's what would happen if Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez achieve their goal of capping credit card interest rates.

These socialist lawmakers have proposed a 15 percent ceiling on card interest rates. Sanders calls the current order in which the average rate is 17.73 percent “economic brutality,” and smeared credit card industry executives as “loan shark hoodlums.” Ocasio-Cortez has complained banks “charge extortion level interest rates to the poor.”