6 Month Delay on Treasury Check List
Written by Roger S | Sunday, November 29th, 2009
There was praise all around for the US government after an announcement was made that the Unlawful Internet Gambling Enforcement Act (UIGEA) has been delayed for at least six months. The news certainly put a whole new perspective on Thanksgiving, as the industry rejoiced at the good news. Many are hoping that the decision is a clear indication that the current Obama administration is serious about bringing about long term change.
Congressman Barney Frank was one of the first to comment on the delay in the implementations and said on Friday: “The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the internet as they choose and which would pose unrealistic burdens on the entire financial community.”
“This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law,” he added.
A spokesperson for the Safe and Secure Internet Gambling Initiative, Michael Waxman said that they group sees this move by the Obama government as a decision to halt the UIGEA in order to give Congress time to provide an alternative approach of regulating online gambling instead of going the Prohibition way.
The Treasury, however, was much more pragmatic about its reasons for delaying the implementation of the law, saying: “The six month extension of the compliance period will facilitate the establishment of policies and procedures that require gambling businesses to document the legality of their activities to regulated entities.”
The Poker Players Alliance and a host of other pro-gambling organizations had petitioned the government to delay the UIGEA’s implementation for one year, although the Treasury compromised on six months.
On Thursday December 3rd, a special hearing of the House Financial Services Committee will discuss Barney Frank’s HR 2266 and HR 2267, which may, with any luck, result in the two laws being heard by Congress in the near future.
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· Written by Roger S · Filed Under Poker News · Comments Off
