As we reported below (4/30/09 story with updates), congress passed the credit card reform act which includes curbs on gift card expiration and fees. There is other legislation (not yet a bill) making its way through congress that deals with the interchange aspects of credit cards and includes even more possible gift card legislation. The central theme in this legislation is the desire for merchants to not be penalized for offering cash prices below credit prices. One possible effect for gift cards is the ability for states to pass gift card legislation stricter than the Federal legislation. (article)