Sen. Charles Schumer announced today details on what he calls the “Fair Gift Card Act” that he hopes will be passed next year. Those details include gift cards being free of fees for two years, and thereafter a maximum of $1 in fees per months. Sounds like a solid improvement. Incidentally, from this letter I found from Consumers Union, it sounds like Sen. Schumer has been trying to get such a law passed since 2004.

If you care, I urge you to contact Sen. Schumer and asking him to include open-loop gift cards in his bill.