Wednesday, March 24, 2010

The UIGEA and its Implementation

Treasury Secretary Timothy Geithner has agreed to no more delays for the UIGEA set to go into effect on June 1. Timothy Geithner granted a delay to the implementation of the Unlawful Internet Gambling Enforcement Act last December, however, The Washington Post is reporting that a meeting took place between Senate Minority Whip Jon Kyl and Geithner last month in which Geithner promised to not delay the UIGEA again. In exchange, Kyl released the holds on the six appointees.

The banking industry has been very clear that the UIGEA would put too much strain on them and it would be nearly impossible to track every transaction, so we can safely assume, this will be a law that is rarely enforced.

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