The Senate is considering a bill to tighten regulations on credit cards. Among the provisions is one that would prohibit gift cards from expiring in less than five years from the date of issue as well as significantly limit dormancy fees. This legilslation, introuced by Senators Charles Schumer and Mark Udall, is similar to legislation Schumer has been trying to get passed since 2004. There is no indication at this time whether the law would apply to both open and closed loop gift cards. (article & article)