We’re committed to ensuring economic justice for all by protecting Americans from unfair practices carried out by corporate financial institutions. 

 

In Congress, we will introduce legislation to (1) eliminate unnecessary fees for checking and savings accounts and (2) cap credit card interest rates at 15%. These policies will protect Americans from paying banks a tax to simply hold our money (from which they already profit), make it easier and faster for everyday-people to pay back debt, and foster the economic liberty and justice needed to achieve the American Dream.

 

As a first step, we will fight to eliminate fees for checking and savings accounts. According to the Consumer Financial Protection Bureau, checking account holders pay an average of $9.87 per month ($118 annually) in fees. These fees disproportionately impact low-income individuals who don’t meet waiver requirements, pushing them into further cycles of poverty that exclude them from the financial system. 

 

We will also introduce legislation to institute a 15% cap on credit card interest rates – annual percentage rates (APR). Although some states currently enforce limits on credit card interest rates, these vary widely, with some states lacking any restrictions. Not only would imposing a federal APR cap protect consumers from unreasonably high rates, it would also ensure that financial institutions cannot take advantage of lenient laws in certain parts of the country. 

 

Supported by the overwhelming majority of Americans, capping credit card interest rates is a simple and effective way of protecting consumers from predatory financial practices. With flat APR rates regardless of credit score, credit card interest rates were never really about shielding lenders from risk. Instead, financial institutions have used them to prey on consumers unable to pay unexpected expenses, such as a visit to the emergency room or when your car breaks down. 

 

For too long, our leaders have ignored the difficulties faced by many Americans who cannot afford excessive interest rates and fees imposed by financial institutions. Congress needs leaders willing to listen and advocate for solutions to these real issues.

 

We will fight to ensure that no American is taken advantage of by their bank or financial institutions and defend economic liberty and justice for all.