Frank praises decision to push back implementation of Internet gaming act

The Treasury Department and Federal Reserve announced they would delay implementing a law to restrict Internet gambling, drawing praise from Rep. Barney Frank, the measure's chief congressional critic.
 
Frank's office released a statement that said Treasury and the Fed had decided to push back implementation of the act for six months, until June 1. The Unlawful Internet Gambling Enforcement Act, which Congress passed in 2006, prevents financial institutions from handling transactions to and from Internet gambling sites. Rules implementing the law were to be enforced on Dec. 1.
 

“The Department of the Treasury and the Federal Reserve Board of Governors deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the Internet as they choose and which would pose unrealistic burdens on the entire financial community,” Frank (D-Mass.) said.
 
He said the delay will give Congress the opportunity to review his bill to undo the "regulatory excess by the Bush administration and to undo this ill-advised law.” Frank's bill would effectively overturn the gambling ban. It would also call on Treasury to license Internet gambling operations.
 
The financial industry had lobbied for a 12-month delay, arguing that neither the law nor final regulation made clear what types of Internet gambling would be prohibited.