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Frank Speaks on Suspension of Internet Casino Ban Compliance
WASHINGTON, D.C. --
US Representative Barney Frank praised the decision by the US Department of the Treasury and the Federal Reserve to delay the implementation of the rules to enforce the UIGEA. The two government agencies pushed back mandatory compliance with the law against Internet casino payment processing six months, it was announced Friday.
“The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations," said Frank. “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.”
Frank has been a vocal opponent of the act attacking the money flow of online gambling sites. One of the reasons given by those asking for the delay in the law is to allow legislation proposed by Frank which would make the UIGEA moot to receive proper consideration.
Frank said the UIGEA, if implemented, would limit Internet freedom of US residents. He also cited the claims of the financial community that expecting it to judge what may or may not constitute an illegal transaction as an "unrealistic burden."
Frank's bills proposing the regulation and licensing of online casinos, and the further delay of UIGEA compliance, will be discussed by the House Financial Services Committee this week.
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