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Congressman Barney Frank, an advocate for the online gambling industry, has written a letter to .S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke on Friday, urging them to delay the implementation of the Unlawful Internet Gambling Enforcement Act regulations for another 12 months. Frank has proposed legislation that would legalize and regulate some forms of online gambling including online poker.
"We are writing to strongly urge you ... to extend the date of compliance for the final regulations implementing the Unlawful Internet Gambling Enforcement Act by one year," the Congressman wrote in his letter.
The UIGEA prohibits financial institutions from transferring funds to online gambling operators with regulations to go in effect on December 1. The UIGEA regs do not prohibit payouts from such businesses.
Gambling911.com Staff
