Charles Payne said a new suggestion from Bernie Sander and Alexandria Ocasio-Cortez to put a federal cap on credit card interest rates has little chance of success.
Democratic Socialist Senator and 2020 Democratic Candidate for Presidency Bernie Sanders (D-VT) and Representative Alexandria Ocasio-Cortez (D-NY) introduced legislation on Thursday to thank credit card interest rates of 15 percent.
Under the proposed legislation, states could establish their own borders.
In an interview on "America's Newsroom" Payne – host of "Making Money With Charles Payne" on the Fox Business Channel – explained, "This is an industry they should say that made a $ 1
OCASIO-CORTEZ, SANDERS FOR UNVEILING " RADICAL "PROPOSED TO TACKLE" GREED "OF BANKING, CREDIT CARD INDUSTRY
Sanders told the Washington Post that the 15 percent cap would be the same as Congress imposed on credit unions in 1980.
He's been a historic host a strong critic of Wall Street throughout his career, and Ocasio-Cortez has told for increased regulation of Wall Street institutions. The couple appeared together at the campaign track last year and goes after Wall Street is part of Sanders' pitch to the American people.
BERNIE SANDERS CAMPAIGN RATIFIES UNION CONTRACT FOR WORKERS
Ocasio-Cortez will introduce the House version of the bill and try to collect their other democrats.
However, the proposal is safe to face opposition from banks. According to S & P Global Market Intelligence, the industry brings in $ 113 billion in interest and fees from credit cards last year.
There is also little chance of passing in the Senate, where the Republicans hold the majority.
Payne added, In fact, Bernie Sander's Communications Director said Jamie Dimon and Lloyd Blankfein are going to be real, really … they should really hate this bill, and we look forward to that great time. "
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According to Creditcards.com, which has tracked the data since 2007, interest rates have recently reached record levels that Fed raised key rates and industry is preparing
"I am sure it will be criticized," said Sanders to the Washington Post. "I have a radical idea, maybe Congress will stand up for ordinary people."