|In America, four influential Members of the House of Representatives have written a letter to the Chairman of the Federal Reserve and the Treasury Secretary calling on them to abandon proposed regulations concerning online gambling.|
House Financial Services Committee Chairman Barney Frank of Massachusetts joined Representatives Luis Gutierrez of Illinois, Ron Paul of Texas and Peter King of New York in writing to Chairman Ben Bernanke and Secretary Henry Paulson on Tuesday. They wrote that the testimony of Federal, Treasury and industry witnesses at a recent hearing on proposed rules to enforce the Unlawful Internet Gambling Enforcement Act (UIGEA) ‘made it clear that the regulations are unworkable’.
The four wrote that the Federal Reserve and the Department of the Treasury had been struggling to issue the regulations for some time and that the recent hearing made clear the underlying statute would make their jobs extremely difficult, if not impossible.
“Given the many other priorities that are pending at your agencies, we believe it would be imprudent for you to devote additional agency resources to this Sisyphean task, especially as we intend to vigorously pursue legislation to prevent the implementation of these regulations,” read the letter.
According to Greek mythology, Sisyphus was punished in Hades by being condemned to roll a heavy stone up a hill for eternity. In the myth, every time the character neared the top, the stone rolled down again so that the effort became futile and everlasting.