Frank Urging Delay
October 11, 2009
It is not often that we hear Rep. Barney Frank asking for a delay in
anything, never mind anything having to do with the Unlawful Internet
Gambling Enforcement Act. However, this time around Frank is asking for a
delay in the implementation of the regulations that go with the act for
another 12 months.
He has written a letter to the United States Treasury Secretary Timothy
Geithner and Federal Reserve Chairman Ben Bernanke urging them to delay that
implementation. The letter was signed by 19 lawmakers; most of whom are
already on board with Frank’s other bill to regulate the online gambling
industry.
The Poker Players Alliance is also in support of the bill as they know that
the implementation of these regulations would do more harm than good to the
financial industry, not just the online poker industry. The idea behind the
act is that financial institutions cannot transfer funds to online gambling
and poker operators. Banks must start complying with the regulations
as they have been set by December 1 of this year. However the banks say that
the way the regulations are written puts an inordinate amount of
responsibility upon them, and to block these poker and gambling
transactions, is not only unfair it is almost impossible.
Frank says that it’s what they need to do is hold off on the implementation,
and rework the bill. Even if they end up not legalizing online gambling and
poker playing, they still need to change the way the regulations have been
written. The banks agree because the onus is on them to ensure that the
poker and gambling funds don’t pass through them but they say that it is
almost impossible to do so.
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