Franks speaks on UGIEA delay
Posted by Carl Barnett on 22 Jan 2010 at 12:01
The recent decision made by the Federal Reserve and the US Treasury to stall the implementation of the ban on payments for online gambling has been praised by senator Barney Frank.
The two government agencies have pushed back the requirement upon banks and other financial institutions to not process payment for online gambling to June 2010.
This gives the industry six months to fight its corner.
Frank was on hand to offer his own opinion of the news, telling Online Casino Sphere: "The Department of the Treasury and The Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations. 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 went on to say that the UIGEA, if implemented, would very much push towards limits on internet freedoms for US citizens.
This week the House Financial Services Committee will discuss Frank’s own bill, which proposes regulation and licensing of online casinos.