April 8 - Barney Frank is a man with a mission. This US politician has been
quietly and patiently collecting co-sponsors for his law that he hopes will pass
through the Senate, as a counter to the current Unlawful Internet Gambling
Enforcement Act.
Last week's Congressional meeting, which constituted a UIGEA hearing
where Federal Reserve and Treasury officials brought their complaints about the
law the forefront, may have been just what Frank needed to boost support for his
proposed law.
The results of the UIGEA hearing were unanimous: One by one, financial bodies
and organizations bemoaned the ambiguity of the law's language and the
unfairness of passing regulatory demands onto banks.
Lawmakers were told by the head of the Federal Reserve's bank operation's
division, Louise Roseman at the UIGEA hearing: "I think it is very difficult
without having a bright line about what is intended to be unlawful internet
gambling. The challenge we have is interpreting something, particularly federal
laws, that Congress themselves isn't sure what they mean".
And Ted Kitada from Wells Fargo said that within the over 30 million
transactions that his company processes each day, it is literally impossible to
determine which pertain to internet gambling and which don't, especially since
casino sites could essentially disguise themselves.
Multiple bodies and organizations have joined forces to back Frank's bill.
From the American Bankers Association to the Poker Players Alliance, these
groups are fighting with millions of dollars to move the bill through the
pipelines and garner as much political support as possible, so that hopefully it
will get the UIGEA repealed and the online gambling industry regulated and
legalized once and for all.
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