Did you guys realize this...
The Poker Players Alliance, a Washington, D.C.-based lobbying organization, petitioned the Federal Reserve and the Department of the Treasury to exempt online poker venues from the Unlawful Internet Gambling Enforcement Act, which takes effect June 1. Passed by a Republican-controlled Congress in late 2006, the act prohibits the use of any banking instrument -- such as a credit card, check, or electronic funds transfer -- from being used for illegal online gambling transactions. Implementation of the law has been subject to numerous delays, including a six-month postponement granted in November by the Fed and Treasury, partially at the behest of Rep. Frank and Sen. Harry Reid, D-Nevada.
Last week, a cadre of GOP lawmakers, led by Rep. Bachus, wrote to Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner, strongly urging them to deny the PPA's eleventh-hour bid to redefine what constitutes illegal gambling so as to clear the way for banks to do transactions with online poker sites.
The Poker Players Alliance, a Washington, D.C.-based lobbying organization, petitioned the Federal Reserve and the Department of the Treasury to exempt online poker venues from the Unlawful Internet Gambling Enforcement Act, which takes effect June 1. Passed by a Republican-controlled Congress in late 2006, the act prohibits the use of any banking instrument -- such as a credit card, check, or electronic funds transfer -- from being used for illegal online gambling transactions. Implementation of the law has been subject to numerous delays, including a six-month postponement granted in November by the Fed and Treasury, partially at the behest of Rep. Frank and Sen. Harry Reid, D-Nevada.
Last week, a cadre of GOP lawmakers, led by Rep. Bachus, wrote to Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner, strongly urging them to deny the PPA's eleventh-hour bid to redefine what constitutes illegal gambling so as to clear the way for banks to do transactions with online poker sites.