The Federal Reserve Board, responsible for drafting regulations to begin enforcing the UIGEA responds to our email asking them, "When will the regulations be set in place for the UIGEA?"

We wrote the letter specifically to Chairman Ben Bernanke, Federal Reserve Board (FRB) member and head of overseeing the drafting of regulations for the UIGEA.

We asked two key questions.  Are there any updates on when the UIGEA regulations will take affect and if they were experiencing any problems drafting the regulations?  

Below is the email we received.  If you read the last paragraph, the way it comes off, it sounds like they've still got a long way to go!

Begin email
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Dear Mr. S.,

Thank you for your recent correspondence to Chairman Bernanke in which you asked about the Federal Reserve Board and the Department of the Treasury's progress in promulgating a joint regulation implementing the Unlawful Internet Gambling Enforcement Act of 2006.

The Chairman receives a great number of letters daily. As a public figure with many daily responsibilities, he is unable to reply to those letters personally. However, he appreciates receiving observations and advice that bear on the Federal Reserve's responsibilities, particularly from people who have concerns about how the economy is functioning.

The Chairman has stated that the Federal Reserve and the Department of the Treasury are working actively on a proposed rule to be published soon in the Federal Register. The agencies are carefully considering a wide range of methods for preventing transactions related to unlawful Internet gambling in order to determine the methods that best address this goal. 

As the act requires, the agencies plan to consult with the Department of Justice to obtain their views on the proposed rule. In addition, members of the public, including financial institutions and other interested parties, will be invited to submit comments on all aspects of the proposed rule, including the feasibility and effectiveness of the proposed rule's non-exclusive examples of policies and procedures reasonably designed to prevent transactions prohibited by the act, as well as any additional or alternative methods that could address the act's goal.

Thank you for your interest in this project.

Sincerely,

JPD
Board Staff

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End email

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