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Sad Day for Frank

Supporters of Barney Frank’s bill to regulate and license online casinos in the United States were so pleased last week when a Congressional hearing was scheduled for Frank’s proposal. The hearing has been postponed for a year now and supporters of a US regulatory structure for internet gambling were pleased by the fact that this proposal would finally have its day for discussion.

The date was set for April 16, 2010 and would have discussed not only a regulatory structure for online casino sites in the US, but also an accompanying bill meant to delay the implementation of enforcement regulations for the UIGEA, which are set to take effect on June 1st of this year. Unfortunately Franks bill has been postponed yet again and no new date has been set for the previously planned hearing within the House Financial Services Committee.

There was no really clear reason given for the postponement of this bill; reports indicate that Frank himself had a conflict of sorts that has forced the bill to be rescheduled. The really pressing deadline right now is the pending enforcement regulations for the highly controversial UIGEA, which blocks financial transactions. With these regulations set to take effect on June 1st, there is little hope that the Treasury would postpone enforcement once again. The original postponement was done as a way to allow Franks online casino bill time to be heard in Congress before the UIGEA regs are implemented. With the current delay in the Congressional hearing, gambling sites are planning for the worst.