Senate Minority Whip Jon Kyl and Financial Services Committee ranking member Spencer Bachus wrote to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke this week opposing calls to delay by a year the implementation of a 2006 law that banned Internet gambling in the United States. The Unlawful Internet Gambling Enforcement Act directed the Treasury and Federal Reserve to issue regulations by July 2007. After a lengthy process, the final rules are set to take effect on Dec. 1.
"There is no justification for delaying the compliance date for the long-overdue regulations implementing UIGEA," Bachus and Kyl wrote. If the final rule represented an "unreasonable burden on regulators and the financial services industry," as some lawmakers have claimed, the Treasury and Federal Reserve could have reconsidered the regulations early in the new administration and before the industry began taking steps to comply. This did not happen and the financial services sector did not petition to have the rule amended, they wrote.
Kyl and Bachus said the Treasury and Federal Reserve should carefully monitor the law's effectiveness after they go into effect and consider modifications if necessary. "Delaying the compliance date serves no interest except that of the Internet gambling enterprises that have long evaded American gambling laws and will continue to do so until effective enforcement is in place," they wrote. Read the letter here (PDF).
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Responded on November 21, 2009 2:51 AM
Free Online Games
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Responded on November 21, 2009 2:15 AM
Free Games
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Responded on November 19, 2009 4:55 PM
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Responded on November 15, 2009 7:22 AM
Matt Call
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Responded on November 6, 2009 2:51 PM
Preston Oade
Once these regulations go into effect, everyone will see that the UIGEA is ineffective and, perhaps, the poker player hysteria will die down. Right now, however, poker players don't realize that the emperor has no clothes and that the UIGEA is a toothless tiger. As a lawyer and online poker player, I certainly hope all the fear and hysteria goes away so everyone will stop supporting the propopsed federal poker legislation, which is far more dangerous to online poker than the current law. That law, after all, does not make playing poker online unlawful. All it does is regulate deposits, which it cannot really do because of technical limitations.
Responded on November 6, 2009 1:18 PM
CRAZYBEAR007
Is this going to hurt or help our cause? If the Feds decide to regulate online gaming and recognize the different between true "Gaming" and the skill associated with Poker we are OK; If not we need to barrage this legislators with pro poker information and make sure they DON'T get re-elected!!!!
Responded on November 6, 2009 1:16 PM
CRAZYBEAR007
Is this going to hurt or help our cause? If the Feds decide to regulate online gaming and recognize the different between true "Gaming" and the skill associated with Poker we are OK; If not we need to barrage this legislators with pro poker information and make sure they DON'T get re-elected!!!!
Responded on November 5, 2009 6:07 PM
Matt
Wow, can someone actually see a moral difference between wagering on mortgage derivatives and wagering on a poker hand? Wall street has always been a huge casino. Why can't the little guy place wagers of his own?
REPEAL THE UIGEA NOW, PLEASE!
Responded on November 5, 2009 6:05 PM
Matt
Wow, can someone actually see a moral difference between wagering on mortgage derivatives and wagering on a poker hand? Wall street has always been a huge casino. Why can't the little guy place wagers of his own?
REPEAL THE UIGEA NOW, PLEASE!
Responded on November 5, 2009 4:11 PM
TheEngineer
The headline is misleading, as the letter has only two signatures. Kyl is supposed to be the Minority Whip, but the only thing he did here was whip out his pen to back this ridiculous big government nanny-statist plan of the sort that got the GOP kicked out of power in the first place.