Friday, April 16, 2010

Barney Frank Hearing Delayed

Barney Frank had scheduled a hearing for his two bills today and has now postponed the hearing indefinitely due to scheduling conflicts. Obviously, the new date needs to be set prior to June 1, the deadline for the UIGEA to go into effect.

The first bill is Frank's "Reasonable Prudence in Regulation Act," which would delay that fast-approaching, June 1 deadline for another year. The suspension would then give lawmakers time to debate alternatives to UIGEA, which Frank first targeted for repeal in May 2009.

The second bill, the "Internet Gambling Regulation, Consumer Protection and Enforcement Act," would overturn UIGEA entirely and permit domestic gambling, provided that companies adhere to strict licensing rules.

"This hearing will provide further evidence that UIGEA is a poorly-crafted law that simply does not work," Michael Waxman, the spokesman for the Safe and Secure Internet Gambling Initiative, before the hearing was postponed.
"We expect this hearing to provide further impetus for the House Financial Services Committee and Congress to address this issue and move forward Chairman Frank's regulatory bill."

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