By now it’s old news:  the Republican party, in a historic comeback, won control of the House and made inroads in the Senate.  What you may not have heard yet is how the election results might affect the chance that the UIGEA will be repealed, or at least have its effect mitigated.  Wish I could write with better news, but I just can’t.  It’s predominantly bad.  Representative Barney Frank was re-elected, but because the Democrats lost control of the House he almost certainly will lose his chairmanship of the prestigious and powerful House Financial Services Committee.  That’s the committee leading the push to repeal the UIGEA.  Devastating news.  To add insult to injury, Spencer Bachus (R-AL), an ardent opponent of legalizing online poker, likely will be the new committee chairman.  On top of that, UIGEA sponsor Bob Goodlatte (R-VA) was re-elected to another two years. 

But there is a glimmer of hope…  Online poker supporters Shelley Berkley (R-NV) and Jim McDermott (D-WA), the latter of whom recently sponsored the tax companion bill to Frank’s legislation, were re-elected. 

You never know how politics will develop.  So it’s not time to revolt.  But probably best to get ready to vote in 2012.