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Treasury and Fed Urged not to Implement UIGEA - 04-25-08 |
April 25 - House Representatives in the United States have written a powerful
letter to Treasury Secretary, Henry Paulson and Federal Reserve Chairman, Ben
Bernanke, requesting that they drop the 'impossible task' of trying to implement
the terms of the Unlawful Internet Gambling Enforcement Act.
The letter, penned jointly by Luis Gutierrez and Ron Paul from the
Subcommittee on Domestic and International Monetary Policy, and Barney Frank
and Peter King from the Committee on Financial Services, was sent to its
destination this week in a bid to draw their attention away from the fruitless
task and urge them to concentrate on more pressing matters.
In the letter, the representatives wrote: "The regulations, like the underlying
legislation, fail to define the term 'unlawful internet gambling', leaving it to
each financial institution to reconcile conflicting state and federal laws,
court decisions and inconsistent Department of Justice interpretations, when
determining whether to process a transaction."
"Giving the many other priorities that are pending at your agencies," the letter
continued, "including the mortgage crisis, the Home Owner and Equity Protection
Act and other issues, we believe it would be imprudent for you to devote
additional agency resources to this Sisyphean task, especially as we intend to
vigorously pursue legislation to prevent the implementation of these
regulations".
Barney Frank and Ron Paul recently proposed a new bill, known as HR 5767, which
would legally prevent the Treasury and Federal Reserve from implementing the
UIGEA. The proposal came hot on the heels of a special hearing where Congress
was told by several financial bodies, including the Federal Reserve, of the
impossibility of implementing the UIGEA.
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