I don't see how Schumer / Government can have a say on this.
1. You don't 'pay' for the miles. It's kinda like icing on the cake. Regardless how we feel we're entitled to upgrades, bonus, no expiration....etc, miles are given to us by airline companies. And like pension, they can just take it away.
2. There are warnings about expiration.
3. Awards are very hard to come by. Yes, we all know that. Hence FT's existence. If redemption is so easy, airline will be out of business. What do you think the gov't can do about this? Forcing certain # of seats per flights?