Bipartisan Lawmaker Group Asks For Delay Of UIGEA Online Gambling Rules In US

Lawmakers in the US are in the process of attempting to overturn the Unlawful Internet Gambling Enforcement Act, but before they have time to do so, the rules for the UIGEA will be going into effect. That is, unless a group of bipartisan lawmakers are successful in delaying those laws.

This week, a group of lawmakers led by Representatives Barney Frank (D-Mass.) and Peter King (R-N.Y.) have sent a letter to Federal Reserve Chairman Ben Bernake and Treasury Secretary Tim Geithner asking that the implementation of the rules for the UIGEA be delayed by one year. The rules are scheduled to go into effect on December 1st.

The group, which also included seventeen other lawmakers representing both sides of the aisle, believes that due to the current economic conditions, the UIGEA rules will be an added burden that financial institutions cannot take time to deal with during these tough economic times.

The issue of time is considerably important to these lawmakers. Rep. Frank has introduced legislation that would overturn the UIGEA and set up the framework for a regulated online gambling system in the US. The lawmakers, in their letter, claimed that the 2006 UIGEA is "flawed."

"We also believe this is an unreasonable burden on regulators and the financial services industry at a time of economic crisis," wrote the lawmakers in the letter.

October 2, 2009
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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