Frank Promises Details On Repeal Of Online Gambling Ban

17 March 2007

REUTERS
WASHINGTON (Reuters) – Rep. Barney Frank said on Thursday he will give details in the coming weeks on possible legislation to repeal a ban imposed last year on online gambling.

In an interview, the chairman of the House of Representatives Financial Services Committee said he is in no hurry and plans to consult with others on the matter.

“I’m not ready to give you more details, but I will be by next week or so. We’ll talk more about it later. There’s no urgency on it,” he said.

Internet gambling in the United States was effectively banned last October when President George W. Bush signed legislation outlawing gaming financial transactions.

A spokesman for the Massachusetts Democrat said on Wednesday Frank was considering legislation to repeal the ban but had not drafted a bill and had no timetable for action.

The ban has hammered the stocks of online gambling companies such as Britain’s PartyGaming Plc.

PartyGaming shares jumped sharply on Frank’s remark on Wednesday but gave back gains on Thursday to close down almost 5 percent at 40-3/4 pence on the London Stock Exchange.

U.S. prosecutors have launched a probe into Internet gambling. The U.S. Department of Justice has demanded information from some of the world’s biggest investment banks as part of the investigation, according to banking sources.

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