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10 Sponsors Sign Bill to Block UIGEA Implementation
Fri, May 2nd, 2008 @ 12:00am
HR 5767, the legislation to block implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA), was introduced just April 10 to the US House of Representatives by Congressmen Barney Frank (D-MA) and Ron Paul (R-TX), and the bill already has 10 co-sponsors, to the delight of poker players.
HR 5767 specifically targets the Treasury Department and U.S. Federal Reserve, to end more work on the regulations to enforce the UIGEA. An official description on the open congress website says: The Bill would prohibit the Secretary of the Treasury and the Board of Governors of the Federal Reserve from proposing, prescribing, or implementing any regulation under subchapter IV of chapter 53 of title 31, United States Code, and for other purposes.
The bill comes after much criticism raised during an April 2nd hearing, conducted by the House Financial Services Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, that showed the weaknesses of and problems with the UIGEA, and echoed concerns raised in over 200 comments received during the government's open feedback period in 2007.
Testimony at the hearing given by members of the Banking Industry, government officials and others demonstrated the inability of government to define transactions that may be illegal, with an already overworked US financial services industry objecting strongly to taking on that role.
The following congressmen have signed onto the new bill thus far:
All 10 supporters have already co-sponsored Frank's HR 2046 bill, the Internet Gambling Regulation and Enforcement Act (IGREA), that seeks to legalize and regulate online gambling. The bill has 48 cosponsors and is feared losing momentum, as it still has to make its way through numerous committees before it can go to a vote on the House floor.
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