Geithner Pressed To Delay Gambling Rules
House Financial Services Chairman Barney Frank, Homeland Security Committee ranking member Peter King and others wrote to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke on Thursday asking them to delay for one year implementation of a 2006 law that bans Internet gambling in the United States. The members referred to the regulations as an "unreasonable burden on regulators and the financial services industry at a time of economic crisis."
In May, Frank introduced legislation to put off the execution of the Unlawful Internet Gambling Enforcement Act, which is slated to take effect Dec. 1, 2009. Lawmakers have complained that the rules were completed by the Bush administration at the last minute and his bill would stop regulators from enforcing the measure until Congress has had a chance to decide national policy. Frank also sponsored legislation to create a federal regulatory and enforcement framework under which online gambling operators could obtain licenses allowing them to accept bets from individuals in the United States.
National Thoroughbred Racing Asssociation, the American Greyhound Track Operators Association and the Poker Players Alliance has petitioned the Obama administration to extend the date of compliance for 12 months. A copy of the letter from Frank, King and others can be found here.
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