Income equality

Ocasio-Cortez reportedly set to join Financial Services Committee

Alexandria Ocasio-Cortez
Rep. Alexandria Ocasio-Cortez. Photo: Win McNamee via Getty Images

Rep. Alexandria Ocasio-Cortez (D-N.Y.) has been recommended for a seat on the House Financial Services Committee, a panel led by Rep. Maxine Waters (D-Calif) that provides oversight to and sets policies for lenders, U.S. banks and the financial markets, Bloomberg reports.

Why it matters: Ocasio-Cortez, a Democratic-Socialist, refuses to accept corporate campaign donations and has called for the biggest banks to be broken up. Financial firms will likely come under increased scrutiny under the watch of Waters, Ocasio-Cortez and other progressive Democrats expected to be named to the committee, including freshmen Reps. Katie Porter (D-Calif.), Rashida Tlaib (D-Mich.) and 2020 presidential candidate Tulsi Gabbard (D-Hawaii), per Bloomberg.

How long it would take your state to pay off its credit card debt

Data: CreditCards.com; Cartogram: Andrew Witherspoon/Axios

A report released this week by CreditCards.com revealed that an American household would need about 13 months to pay off the average credit card debt of $8,195.

One key finding: After New Mexico, the 10 states with the highest credit card debt burdens due to low income are all in the South: Louisiana, West Virginia, Alabama, Arkansas, Mississippi, Georgia, Oklahoma, Florida, South Carolina and Tennessee.

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