Barney Frank calls it quits

Barney Frank announced on Monday that he will be retiring from US office at the end of his current term.

The colourful Massachusetts Democratic Rep and Chairman of the Financial Services Committee said that he will not be seeking re-election in 2012.

He has championed the cause for regulated US online gambling and player protection ever since UIGEA was enacted in 2006. Always front and center in any US-online gambling debate of note, Frank made numerous attempts to replace UIGEA with  a more practical and workable regime beginning in 2007 with an unsuccessful attempt to have the law revoked.

He introduced H.R. 2267 (The Internet Gambling Regulation, Consumer Protection, and Enforcement Act) which won considerable co-sponsor support and approval from his Financial Services Committee in 2010, but that’s pretty much where it ended.

American Gaming Association chief Frank Fahrenkopf said in a statement shortly after the retirement announcement,

“Barney’s personality and stature brought early attention to the issue of legalizing online gambling, and his tireless defense of online player rights and efforts to protect consumers has been admirable,”

Apparently his efforts weren’t all directed toward changing online gambling laws.  In a written statement, President Obama credited him with enacting, “the most sweeping financial reform in history, designed to protect consumers and prevent the kind of excessive risk-taking that led to the financial crisis from ever happening again.”

He’ll certainly be missed by American online gamblers sick and tired of have to settle with 2nd best when it comes to playing online.

But he is not without his detractors.  His strong libertarian views have polarized opinions and he has also been dogged by allegations of abuse of power. The House Ethics Committee once recommended he be censured for improper use of congressional status for having a friends parking tickets dismissed.

Frank’s response to the House on the matter was, “I should have known better. I do now, but it’s a little too late.”

Looks like it’s also a little too late for Barney to achieve his goal ending UIGEA.