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Online Casino Debate Gets Serious: 2

Most notable of the protests against the UIGEA regulations as they were drafted last December came from the US banking industry. The banking industry opposes the regulations because of the fact that, as drafted, the regulations place the onus of successfully blocking foreign online casinos on the shoulders of the US financial services industries – not a good idea considering the state of the current US economy and the mortgage busts of the last two years. Congressman Barney Frank has really been the champion in Congress over the past two years in relation to online casino gambling and this situation is no different.

Congressman Frank wrote an impassioned letter to the US Treasury Secretary, Henry Paulson. Frank’s letter implored Paulson to put a halt to the attempts to pass these very controversial and highly flawed UIGEA enforcement regulations. A primary concern is the fact they will actually have very little effect on the online casinos themselves and will instead place a huge burden on the American banking industry at a time when it is crucial to assist the US banking industries in recovering. Frank wrote, “This midnight rulemaking will tie the hands of the new Administration, burden the financial services industry at a time of economic crisis, and contradict the stated intent of the Financial Services Committee.”

This is certainly not the only piece of last minute legislation that the Bush Administration is attempting to ruse through – termed a “midnight drop,” but it may be one of the ones that will be felt the hardest. Frank’s letter also went on to note that the hasty decision to pass through the regulations would go in direct contrast to a slower moving piece of legislation that actually passed through the House Financial Services Committee a few months past – the legislation looks to firmly stop the implementation of the UIGEA regulations until they address some of the very obvious and serious flaws.