UIGEA- Regulators- Struggle with Internet Gaming Rules
03 April 2008
At the hearing yesterday on just WHAT the rules are on the UIGEA Bill, left everyone more confused than ever! No one could say exactly what the rules were in the bill, what is illegal and what is legal.
Now if the people who is supposed to enforce this law, don’t know what it all means, who does? And should the Government put this burden on the shoulders of the banks in the U.S.? Banks say NO!
Roseman stated: The payment system that companies rely on to do business “isn’t frankly well designed” to identify an illegal Internet gambling transaction from a legal one, which is another challenge to crafting a rule.
Valerie Abend, the Deputy Assistant Secretary of Treasury, stated: regulators were striving to craft a rule that comes as close as possible to what lawmakers intended.
But the question of which forms of Internet gambling are illegal is an issue regulators “are struggling with and trying to figure out what, if anything, we can do,”
I watched the hearing online yesterday, and it sounded to me like No one knows just what to do on this issue.
Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services Committee, has proposed legislation to repeal the ban.
This was a very interesting meeting, and what will happen with it is still unclear, not only to the public, but also for the Financial Committee.
Read the whole article:
14 March 2007Barney Frank Works On Legislation To Repeal Unlawful Internet Gambling Enforcement Act
eGaming Review The office of US Congressman Barney Frank, who is chairman of the House financial services committee, has confirmed that he is currently working on legislation to repeal the Unlawful Internet Gambling Enforcement Act. The news item appeared this afternoon on the Financial Times website and has been confirmed to eGaming Review by Frank’s press department. The details of how any repeal would take action have not been worked out and no timeframe was given.Read full article
26 July 2010Online Gambling Bill Headed for Mark Up Vote
Just like it was alluded to last week in the House Financial Services hearing Barney Frank’s H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act is moving quickly through the beginning stages and already has a mark-up set for Tuesday, July 27th. The hearing had its fair share of supporters and distracters with heated discussion’s coming from both sides.Read full article
14 July 2008Interview with Congressman Wexler and PPA D’Amato
After the setback to repeal the UIGEA billed failed by a tie vote, in the House Financial Services, Casino City had an interview with Congressman Wexler and PPA Chairman Alfonse D’Amato. In the interview they discussed the situation and what to do next.Here are parts of their conversation: H.R. 5767 and the King amendment failed in committee.Read full article