Internet Gambling Rule Compliance Date Extended 6 Months
Posted by Anthony Demangone
Treasury and the Fed last Friday issued a joint final rule that delays the compliance deadline of the internet gambling rule (Reg GG) until June 1, 2010. So, take a deep breath.  Your day just became a wee bit easier.Â
And the news gets better. Financial Services Committee Chair Barney Frank (D-MA) said the delay will give Congress more time to kill the law that requires the regulation.Â
âÂÂThe Department of the Treasury and the Federal Reserve Board of GovernorâÂÂs deserve a great deal of credit for suspending these midnight regulations promulgated by the Bush administration which would curtail the freedom of Americans to use the internet as they choose and which would pose unrealistic burdens on the entire financial community,â said Congressman Frank. âÂÂThis will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law.âÂÂ
Whatever the Fed and Treasury is drinking, I hope it is shared with HUD. A delay of the RESPA rule makes even more sense.