Remember when George Bush signed the UIGEA into law on October 13th, 2006? Well at the time, there was going to be 270 days for the Justice Department to come up with a set of rules that the bank would have to enforce. Well, the deadline is July 9th, and we are starting to get to the point where we should be hearing about the rules and guidelines that will be implemented by the Justice Department.
However, is conjuring up these rules that the banks must abide by the number one concern for the Justice Department right now? Alberto Gonzales is the person who is in charge of overseeing and coming up with the rules and regulations, however he is under fire right now and in a very real danger of losing his job. Kyl, who has been a proponent of the law for a long time now, seems to be badgering people to get some sort of dialog going, however he is being met with half-answers and shrugged shoulders.
With Barney Frank seeking to introduce his bill shortly, is this a golden opportunity for the UIGEA to be repealed? Is the US Government putting too much of a burden on the banks to enforce this law? Is this legislation, which was met with a lot of back-slapping and high-fiving when it was passed, impossible to enforce? Stay tuned, the next three months will be very interesting, and could provide a window of opportunity towards getting the bill watered down or even repealed.
Filed Under: UIGEA