Compliance with the rule is required by December 1, 2009.
http://www.federalreserve.gov/newsev...20081112a1.pdfTreasury regulations pushed by the Republicans, including Kyl, Goodlate, Witcherman, and Leach were finalized today. Druff once doubted this would happen as he seemed to think that the Republicans had better things to worry about and that the banks (who are mostly against this law) were too "powerful" to allow this regulation to become law.
From initial reading it looks like depositing to any poker, sports betting, or online casino, ect, from the US is going to near impossible using any method after December 2009. The good news is I don't see anything that prohibits "cash outs", I need to keep looking.
Any lawyers here want to look this over and give an oppnion.
One chance for this to still get defeated is the following:
However, the Congressional Review Act has this clause:
"...any regulation finalized within 60 days of congressional adjournment — Oct. 3, in this case — is considered to have been legally finalized on Jan. 15, 2009. The new Congress then has 60 days to review it and reverse it with a joint resolution that can’t be filibustered in the Senate."
As Politco sums up:
"In other words, any regulation finalized in the last half-year of the Bush administration could be wiped out with a simple party-line vote in the Democrat-controlled Congress."
If the Dems can overturn this will Druff at least admit that Republicans have done almost nothing right the last 8 years (by the wayDruff I am your age and have voted Republican in the past and liked/respected Reagan as well, but you have to admit that GW Bush has been an absolute nightmare in everything he has touched).