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| 11-5-09, Bachus, Kyl: There Is No Justification For Delaying UIGEA Compliance |
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November 5, 2009 WASHINGTON - Financial Services Committee Ranking Member Spencer Bachus (R-AL) and Senate Republican Whip Jon Kyl (R-AZ) sent a letter to Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben Bernanke opposing a request from the gambling industry to delay the implementation of the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA) by a year. The Unlawful Internet Gambling Enforcement Act, which was overwhelmingly approved in 2006, directed Treasury and the Federal Reserve to issue regulations by July 10, 2007. After an extensive, prolonged and fair process, the final rules implementing UIGEA are set to go into effect on December 1, 2009.
"If the Final Rule represented an ‘unreasonable burden on regulators and the financial services industry,' as certain other Members have claimed, then the Treasury Department and the Federal Reserve could have reconsidered the regulations early in the new Administration and before the regulated industry began taking steps to comply. This did not happen, and members of the financial services industry did not petition to have the Final Rule amended," said Bachus and Kyl. "We do believe that the Treasury Department and the Federal Reserve should carefully monitor the effectiveness of the UIGEA regulations after they go into effect, and consider modifications should they prove necessary. But simply 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," said Bachus and Kyl. Click here to view a copy of the letter. |
