Although he was struck incredibly surprised by the Bush administration’s last-minute attempts to push through the uiGEA regulations, Barney Frank was also incredibly disappointed. For more than two years, financial and government leaders have brought testimony on the ineffective, illogical and unenforceable issues that are evident through the law. The UIGEA attempts to block payment transactions that have any ties to the online gambling industry. What the Bush administration and Treasury officials are now doing is known as pushing a “midnight drop” of regulations.

Even though Frank has asked Henry Paulson to slow down the process and in effect save it as something for the incoming administration to deal with after careful review and discussions over the proposed rule changes. Frank, a Representative from Massachusetts, has been dedicated to trying to dismantle the damage that the UIGEA has brought to the industry. He is pushing for a bill that would halt UIGEA implementation so that the financial system within the United States can be kept on a more stable level as it goes through an increasingly challenging time with the shoddy economy.

Pushing through with the finalizing efforts on the UIGEA will bring a substantial burden on the incoming president and his administration, a burden that is really unnecessary with all of the other more pressing obligations they are going to have to confront in their first few months in office. If the current administration does have success with pushing through the new regulations, they will go into event the very last day of Bush’s last term in the White House, after going through a review by the Office of Management and Budget and a 60-day consideration period.

Tags: Barney Frank, legislation, online gambling industry, UIGEA regulations

This entry was posted on Thursday, November 13th, 2008 at 8:33 pm and is filed under Online Gambling. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.