U.S. lawmakers urge delay in Internet gambling rules

WASHINGTON, D.C. -- As reported by Reuters: "U.S. House Financial Services Committee Chairman Barney Frank and other lawmakers on Friday urged regulators to delay the December 1 implementation of financial rules to enforce a ban on Internet gambling.

Enforcing the rules in two months time would put an unreasonable burden on regulators and the financial services industry at a time of economic crisis, the lawmakers said.

"'We are writing to strongly urge you to ... to extend the date of compliance for the final regulations implementing the Unlawful Internet Gambling Enforcement Act by one year,' the lawmakers said in a letter to U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke.

"Congress passed the anti-gambling legislation in 2006, when Republicans still controlled both the House and the Senate. Most of the 19 lawmakers who signed the letter are sponsors of legislation to overturn the ban.

"The bipartisan group included Republicans Ron Paul of Texas, Judy Biggert of Illinois and Peter King of New York..."