The states have taken the lead when it comes to interest rate caps with 32 states capping APR at 36%; while there are two proposals in Congress today to cap interest rates nationally, one at 36% and one at 15%, there is little chance of either bill becoming law any time soon; there is disagreement even within the Democratic Party on whether to pursue these proposals; consumer groups argue that high interest rates hurt consumers while the industry argues that capping interest rates nationally will result in less access to credit; Jared Kaplan, the CEO of Opploans, said that while the industry need more regulation, “it should be in the form of principles and guidelines rather than arbitrary caps”. American Banker