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US Legislators Ask Treasury to Wait on Online Gambling Rules
WASHINGTON, D.C. --
A number of US lawmakers sent a letter to the Treasury Department asking for a postponement of the implementation of the regulations against online gambling payment processing. Saying that the UIGEA rules would cause economic stress during a critical period of recovery for the financial industry, seventeen legislators signed the request to Treasury Secretary Tim Geither.
The message was sent featuring the signatures of Representatives Barney Frank and Pete King, and fifteen others joined in. The group asserted that the UIGEA is fundamentally flawed, and faces legislation both to delay implementation and to regulate Internet gambling, which would effectively repeal the UIGEA.
"We also believe this is an unreasonable burden on regulators and the financial-services industry at a time of economic crisis," wrote the collected Congressmen, a statement carrying extra weight due to Frank's position as head of the House Financial Services Committee.
The UIGEA makes it illegal for payment processors, including credit card companies, to handle transactions involving illegal online gambling. A recent court decision found that the law does not itself make any gaming illegal, but only prevents payments for that gaming made illegal by state laws.
The legislators told the Treasury that the bills to delay and remove the UIGEA are likely to advance through Congress shortly.
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