Barney Frank urges delay on Internet gambling rules

WASHINGTON, D.C. -- As reported by Reuters: "A senior congressional Democrat on Monday accused the Bush administration of rushing to implement Internet gambling rules that have raised concerns among banks before it leaves office on January 20.

"'I am deeply disappointed to hear that your agency is proceeding with what I consider to be unseemly haste in issuing regulations implementing the Unlawful Internet Gambling Enforcement Act,' House Financial Committee Chairman Barney Frank, a Massachusetts Democrat, said in a letter to U.S. Treasury Secretary Henry Paulson.

"'This midnight rulemaking will tie the hands of the new Administration, burden the financial services industry at a time of economic crisis, and contradict the stated intent of the Financial Services Committee,' Frank said.

"The U.S. Treasury Department and the Federal Reserve are required to issue new rules on Internet gambling under a bill Congress passed 2006, when Republicans were still in control of the House of Representatives and the Senate..."