Is Credit Card Legislation Necessary?

In the wake of new Fed regulations on credit
card companies, Slate's Christopher Beam wonders whether a congressional crackdown on plastic is necessary. While the Fed can levy regulations as it pleases, legislation could be more cumbersome:

No, the real argument for the legislation—or against it, if you are the CEO of Visa—is that it would be harder to reverse. The Fed can change its rules whenever it wants. If a future Fed chairman felt that credit-card companies were getting a raw deal, he or she could simply issue a new order. Passing a new bill, meanwhile, would take a lot more political energy. (It would essentially require Republican domination on par with the Democrats'.)

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