Saturday, October 23, 2010

Monetary Policy and Regulating Consumer Gift Cards

The goal of the Fed:

The Federal Reserve sets the nation’s monetary policy to promote the objectives of maximum employment, stable prices, and moderate long-term interest rates.

Yet somehow the brain trust that is The 111th United States Congress - in their blind ignorance - believes that allocating this important organization's resources not to monetary policy, but to the regulation of consumer gift cards and credit cards:

The Federal Reserve Board on Tuesday announced a final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009.


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