BARNEY FRANK WORKS TO DELAY BAN ON INTERNET GAMING. - Posted by KatA 

Barney Frank, the U.S. House Financial Services Committee Chairman, is working with other lawmakers to try to put off a ban on internet gaming. Frank and the other lawmakers are urging regulators to delay the implementation of financial rules that will effectively enforce a ban on internet gambling. The ban is currently set to be implemented as of December 1st. However, those opposing the ban argue that bringing in such a policy in two months time will put unreasonable strain on regulators and the financial services industry during this economic crisis. The lawmakers opposing the ban wrote in a letter to the U.S. Treasury Secretary and Federal Reserve chairman: “We are writing to strongly urge you to...extend the date of compliance for the final regulations implementing the Unlawful Internet Gambling Enforcement Act by one year.” They also argue that the current anti-gaming regulation is an outdated notion: "Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and the Senate. Most of the 19 lawmakers who signed the letter are sponsors of legislation to overturn the ban. So the battle over online gaming continues…with an interesting new group of allies.