WASHINGTON, D.C. – The Treasury Department and Federal Reserve finalized late Wednesday the rules to implement the Unlawful Internet Gambling Enforcement Act (UIGEA). U.S. Senate Republican Whip Jon Kyl, the chief sponsor of the UIGEA, made the following statement:
“Though the final regulations are a year late, I commend the Treasury Department and Federal Reserve for taking the time necessary to ensure that all comments were taken under consideration and the most thorough process was used to finalize regulations. I am pleased we’ve taken an important step to thwart illegal Internet gambling.
“The federal government in recent weeks has taken a number of sweeping steps to aid the nation’s ailing financial institutions. One way these financial institutions can reciprocate as responsible corporate citizens is to do their part to ensure that these regulations are implemented properly.
“The regulations provide the authority necessary to enforce existing federal and state laws that outlaw online gambling. Even though the banks have a year to implement them, I would hope they will act with alacrity to begin enforcing the law.”
