Awesome news for air travelers!

This is a good day for air travelers. According to the SFGate:

Airline passengers gain new rights this week including the ability to hold a reservation without payment — or cancel one with a full refund — within 24 hours of making the reservation, as long as it’s made at least a week before the departure date.
Some airlines were doing this voluntarily but now it’s a requirement. It’s one of several new regulations the U.S. Department of Transportation announced in April 2011 that take effect today.