BingoT
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GOP Rejects Calls For Gambling Ban Delay
Senate Minority Whip Jon Kyl and Financial Services Committee ranking member Spencer Bachus wrote to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke this week opposing calls to delay by a year the implementation of a 2006 law that banned Internet gambling in the United States. The Unlawful Internet Gambling Enforcement Act directed the Treasury and Federal Reserve to issue regulations by July 2007. After a lengthy process, the final rules are set to take effect on Dec. 1.
"There is no justification for delaying the compliance date for the long-overdue regulations implementing UIGEA," Bachus and Kyl wrote. If the final rule represented an "unreasonable burden on regulators and the financial services industry," as some lawmakers have claimed, the Treasury and Federal Reserve could have reconsidered the regulations early in the new administration and before the industry began taking steps to comply. This did not happen and the financial services sector did not petition to have the rule amended, they wrote.
By Andrew Noyes
Senate Minority Whip Jon Kyl and Financial Services Committee ranking member Spencer Bachus wrote to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke this week opposing calls to delay by a year the implementation of a 2006 law that banned Internet gambling in the United States. The Unlawful Internet Gambling Enforcement Act directed the Treasury and Federal Reserve to issue regulations by July 2007. After a lengthy process, the final rules are set to take effect on Dec. 1.
"There is no justification for delaying the compliance date for the long-overdue regulations implementing UIGEA," Bachus and Kyl wrote. If the final rule represented an "unreasonable burden on regulators and the financial services industry," as some lawmakers have claimed, the Treasury and Federal Reserve could have reconsidered the regulations early in the new administration and before the industry began taking steps to comply. This did not happen and the financial services sector did not petition to have the rule amended, they wrote.
By Andrew Noyes
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