These are the absolute keys:
1) The banking industry is screaming because they don’t want to have to put the work into implementing this bill, for absolutely zero gain (in essence, a severe cost). What profit incentive is there for the banking community to implement such a bill ?
2) WTO ruling is definitely a feather in our cap…..just wish the news came out on Monday, instead of Friday.
3) Barney Frank is an extremely intelligent, witty, and respected member of Congress. Couldn’t ask for a better person to serve our plight. You can be rest assured that Frank is getting an earful from the banking committee, given his chairman role.
Still, it will be a long, uphill battle. It will take years to reverse the damage caused by UIGEA, if at all. Let’s not forget this, and keep things in total perspective. It is so much easier to pass a bill like this, than it is to reverse it. And getting Congress to reverse it, may be construed as political suicide to Republicans and Democrats alike (who wants to be know as the Congress-person who advocates gambling ?????)
Still, a glimour of hope…..