April 29, 2009 (CAP Newswire) — Reuters news service is reporting that Barney Frank's new legislation to fight the UIGEA, originally planned to be introduced into the U.S. Congress in April, has been delayed slightly and is now scheduled to be released during the first week of May, which is still within the next week or so.
The outspoken Democratic Chairman of the House of Representatives Financial Services Committee told the news service yesterday that he is still adamant about fighting the UIGEA. He stated that the anti-gambling laws championed primarily by Republicans have damaged trade relations between the U.S. and EU — a fact supported by the EU's recent complaints to the World Trade Organization (WTO).
"We'll be introducing it next week and I plan to move on it," Rep. Frank stated at the Reuters Global Financial Regulation Summit in Washington.
The delay has been attributed to the preoccupation with Congress on other issues, such as the nationwide credit crisis and “proposals to reform financial regulation”.