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.
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.
“The Department of the Treasury and the Federal Reserve Board of Governor’s 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,” said Congressman Frank. “This 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.”
Whatever the Fed and Treasury is drinking, I hope it is shared with HUD. A delay of the RESPA rule makes even more sense.