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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.

Expand chart
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

Go deeper

President Joe Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to sooth a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 32 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 54 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.