Preemptive Strike on UIGEA Rules Launched by Barney Frank

I am sure all the banks and financial institutes are awaiting the decision on this one. The big day is quickly approaching to start the implementing of the UIGEA rules. Representative Frank has put his attention back on this after all the other urgent matters that had to be put first.

Frank along with 18 others sent a formal letter of request to Timothy Geithner, the Treasury Secretary and to Ben Bernanke, the Federal Reserve Chairman. The PPA along with the National Thoroughbred Racing Association and the American Greyhound Track Operators had sent a similar request to the same people.

The PPA asks them to use the Administrative Procedure Act to delay the UIGEA rules from being implemented until December 1^st 2010. As this would give the ones that oppose the rules time to argue this without having a deadline of six weeks.

Franks aurgues that the rules came into affect on January 19^th 2009, just a day before President Obama, took over the office as President.

He sated this and I quote: “We realize this is not a task you requested. We also believe this is an unreasonable burden on regulators and the financial services industry at a time of economic crisis, and it contradicts the stated intent of the Financial Services Committee.”

Representative Frank is pursuing this with aggression as the deadline approaches!

Let’s all stand behind him in this matter and help to get the delay, so we can use our freedom to play online in our own homes without being afraid of prosecution!