Fact or Fiction - Is Congressman Barney Frank Going To Challenge UIGEA?

22 February 2007

You know how rumors operate. Someone says something which is repeated by someone else and passed to another who in turn tells someone else. The trouble with rumors is that the original content very seldom stays intact along the way, not to mention the question of whether the original statement being rumored about was true.

But it’s beyond me at this point to pass up the current rumor circulating regarding Congressman Barney Frank.

So here’s the deal… or rumor… that US Congressman Barney Frank, chairman of the Financial Services Committe in Congress, is considering a challenge to the Unlawful Internet Gambling Enforcement Act (UIGEA) which was passed into law and signed by President Bush in October of last year.

There is such a rumor floating about and, on a side note, it was possibe that on the strength of that rumor, online gambling shares listed on the London stock market got a small boost.

Confirmation of this rumor was attempted by UK business media, who contacted Congressman Frank’s office in Washington. They were told by an aide that although Frank was ‘not in favor’ of the restructions against online gambling, there was ‘nothing on the agenda right now’ to reverse the bill. He refused to say whether the Congressman was considering any action of this type.

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