NEWSBRIEF
BY MARKANDERSON
US Treasury and Federal Reserve Urged to Ignore UIGEA
April 24, 2022
Following last month's House Hearing on the UIGEA, four House Financial Service Committee members, including Committee Chairman Barney Frank (D-Mass), have drafted letters to the heads of the US Treasury and the Federal Reserve, suggesting they no longer waste their time attempting to implement the 2006 Unlawful Internet Gambling Enforcement Act.

In the letter, Congressman Frank, Ron Paul (R-Texas), Luis Gutierrez (D-Ill), and Peter King (D-NY) make the case that it is "imprudent" to waste agency resources on this unwieldy law, especially given the other serious issues these agencies are currently faced with (specifically mentioning the US mortgage crisis as just one example). The letter argues that doing so would be a long futile undertaking and one not worth doing, given these Congressman's intentions to "...vigorously pursue legislation to prevent the implementation of these regulations."

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