Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) are teaming up on new legislation to take down credit card interest rates.

At a live-streamed press conference Thursday, the two introduced what they’re calling the “Loan Shark Prevention Act.” If passed, the law would cap interest rates on credit cards and consumer loans at 15 percent, dealing a massive blow to the payday loan industry and other predatory lenders.

While some states like New York have outlawed payday lending, high-interest credit cards have moved to fill the gap ― and proved just as harmful to those trying to climb out of poverty. So instead of saving money and building wealth, the poor are stuck paying interest on loans they had to take out to cover things like unexpected medical bills.

“When banks charge higher and higher interest rates,” said Rep. Ocasio-Cortez, “essentially your credit card becomes a payday loan.”

According to data tracked by CreditCards.com, 39 million Americans have carried credit card debt for at least the past two years and another 8 million can’t recall how long they’ve been in debt. Together, that’s 44 percent of all cardholders. At the same time, credit card interest rates are higher than they’ve ever been.