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PokerNews.com has published a letter from four US Congressmen requesting a more "deliberative" approach for crafting regulations for the implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA).
In the July 25th letter, addressed to Henry M. Paulson, Secretary of the Treasury, and Ben S. Bernanke, Chairman of the Board of Governors of the Federal Reserve System, the four Republican Congressman -- Judy Biggert (R-IL), Jim Gerlach (R-PA), Christopher Shays (R-CT) and Kevin McCarthy (R-CA) - proclaim their continuing support for UIGEA but assail the bill's "vague language" and undue regulatory burden on affected industries, especially small businesses, PokerNews.com reports.
And there was more.....
Two additional steps in the UIGEA process: to transition the current rulemaking endeavor to a formal process headed by an Administrative Law Judge; and to conduct Regulatory Flexibility Analysis on the UIGEA's true financial burden upon affected businesses. The initial fiscal numbers quoted by UIGEA's backers regarding the true cost of implementation and regulation have been shown to have little connection to the bill's projected impact on the banking industry and other business sectors.
The letter in its entirety can be read at PokerNews.com.
