The New York Times has taken a stand critical of a proposed federal law which would cap the interest and fees from payday loans at 15% across the country.

The measure, authored by Rep. Luis Gutierrez, (D-Ill.) has 28 co-sponsors in the House and has been opposed by the payday loan industry. The Times' called the Gutierrez bill "ersatz" and suggested that it would not go far enough to solve the problems critics charge payday lending brings with it.

"Payday loans–advances that are to be repaid on payday–are so burdensome and so pernicious that in 2006 Congress effectively banned them for military families," the Times noted. "Given all the problems workers face right now, Congress should extend this protection to everybody. Unfortunately, some members are pushing an ersatz reform that would allow payday operators to charge what amounts to an annual percentage rate of 391 percent."