Sen, Bernie Sanders and Rep. Alexandria Ocasio-Cortez. Photos: Stephen Maturen/Getty Images and Alex Wroblewski/Getty Images

2020 candidate Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) — both self-declared Democratic-socialists — will introduce a bill on Thursday to prevent credit card interest rates from rising above 15% and capping consumer loans, the Washington Post reports.

Our thought bubble, via Axios' Felix Salmon: Credit cards are one of the most insidious forms of indebtedness. By bundling a loan with a very convenient payments device, banks deliberately make it easy to rack up large debts and interest charges. Capping rates at 15% would significantly reduce unintentional consumer indebtedness.

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Source: Federal Reserve via FactSet; Chart: Axios Visuals

Reality check: The proposal illustrates Sanders' enthusiasm when it comes to taking on Wall Street — a consistent theme in his political career. However, it has a slim chance of passing through the Republican-controlled Senate and will most likely face strong resistance from banks.

The bottom line: U.S. card holders are expected to pay $122 billion in interest charges in 2019. That's 12% more than what they paid in 2017 and 50% more than what they paid as recently as 2014.

Buzz:

"We believe the interest rate exportation language may be the most important provision in the package because it is a measure that defers the issue of usury caps to the states. As such, it is ideologically consistent with a push by some Republicans to shift more power to the states. That means it could eventually gain some bipartisan support.
— Cowen Washington Research Group (WRG)

Go deeper: The Fed stopped raising rates, but credit card companies haven't

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Louisville officer: "Breonna Taylor would be alive" if we had served no-knock warrant

Breonna Taylor memorial in Louisville. Photo: Brandon Bell/Getty Images

Sgt. Jonathan Mattingly, the Louisville officer who led the botched police raid that caused the death of Breonna Taylor, said the No. 1 thing he wishes he had done differently is either served a "no-knock" warrant or given five to 10 seconds before entering the apartment: "Breonna Taylor would be alive, 100 percent."

Driving the news: Mattingly, who spoke to ABC News and Louisville's Courier Journal for his public interview, was shot in the leg in the initial moments of the March 13 raid. Mattingly did not face any charges after Kentucky Attorney General Daniel Cameron said he and another officer were "justified" in returning fire to protect themselves against Taylor's boyfriend.

U.S. vs. Google — the siege begins

Illustration: Sarah Grillo/Axios

The Justice Department fired the starter pistol on what's likely to be a years-long legal siege of Big Tech by the U.S. government when it filed a major antitrust suit Tuesday against Google.

The big picture: Once a generation, it seems, federal regulators decide to take on a dominant tech company. Two decades ago, Microsoft was the target; two decades before that, IBM.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.