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The Suite Blog >> Tim Geithner the Key to Getting the UIGEA Banned

 

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October 5, 2009 - Timothy Geithner, he's our man! If he can't do it.....well, we're screwed. Okay, maybe not screwed, per say. But seriously folks, did you ever stop to consider whether getting online gambling regulated in the U.S. really isn't the best thing after all. I mean, who knows what will happen if and when big name brands like Harrah's are permitted to stake a share at online gambling. I mean, a guy like me might be out of a job for Christ sakes!

But then again, I remind myself to take a look at how the UK and Euro online gambling industry is faring, which as you know, is indeed regulated and is being prowled by many a big name gambling brand. And wouldn't you know it, I still have a job!

The only reason I'm bringing up Tim Geithner anyways is because he is the U.S. Treasury Secretary, and it's the Treasury Department, which is essentially in charge of overseeing the whole implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA). Ya, I know. You would have thought the UIGEA had been implemented by now, considering it was passed back in 2005.

But, it hasn't, and now there's a growing number of U.S. Congressional members, including  Representatives Barney Frank and Pete King,  who have written a letter to Mr. Geithner, urging him to hold off on implementing the UIGEA. Warning that doing so would burden the financial-services industry during a time when economic strife is already making things burdensome, the letter informs Geithner that a bill to delay the implementation of the UIGEA, as well as one to regulate online gambling will be moving through Congress very soon.

In other words, rather than just say the UIGEA sucks and shouldn't be passed (which it does and which Barney Frank did kind of say early on), the letter makes it clear that motions are being taken to offer a sound solution to the UIGEA.

And that my friends, is called regulation, and would certainly help out an ailing U.S. economy, which is probably why an overturn of the UIGEA stands a much better chance now than it ever has or ever will - not to mention the fact that a Democratic-controlled Congress is in power these days.

Originally published: October, 2009 | Categories: Gambling

 

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