barney frank UIGEABarney Frank praised the wisdom of Treasury and Federal Reserve officials in postponing the compliance deadline for the online casino payment block.

US Congressman Barney Frank reacted positively to the news today that the federal government had decided to delay the compliance deadline concerning the online casino payment ban. Frank said the decision to delay UIGEA implementation protected the freedom of US residents.

Frank released a short written statement giving credit to the Treasury and Federal Reserve for the postponement, and referred to UIGEA regulations as “these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the Internet as they choose.” He also said the terms of compliance placed a heavy and unfair burden on strained financial service providers.

“The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit ,” read Frank’s statement. “This will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration.”

Frank has long attacked the online casino ban from both philosophical and practical standings. He has said Congress has no business limiting what an individual may do in the privacy of his own home.

But Frank has also pointed out the ineffectiveness of the UIGEA at achieving its stated goals, including protecting consumers and children. Rather than guarding US residents, Frank says, the online gambling payment ban has left them with an unregulated industry whose most dubious members exploit the advantage the ban gives them over more honorable operators.

Further, Frank has proposed legislation to tax Internet gambling while regulating it, a move that could generate several billion a year for US coffers.

The government will give legislators and financial companies another six months to address UIGEA concerns before demanding compliance.
Published on November 27, 2009 by MattMiller