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Frank and Paul Launch Bill to Prevent UIGEA Blocking Online Poker Online Gambling Transactions

Mon, Apr 14th, 2008 @ 12:00am

House Financial Services Committee Chairman Barney Frank (D-MA) and Ron Paul (R-TX), a presidential aspirant and senior Financial Services Committee member, introduced new legislation to prohibit the federal government from issuing regulations to enforce the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), such as those proposed last fall which were deemed unworkable and based on unclear legislation at a recent Subcommittee hearing.

"The legislation introduced April 10, H.R. 5767, will forbid the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from proposing, prescribing, or implementing any regulation that requires the financial services industry to identify and block internet gambling transactions" states a press release from the House Financial Services Committee.

"These regulations are impossible to implement without placing a significant burden on the payments system and financial institutions, and while I do disagree with the underlying objective of the Act, I believe that even those who agree with it ought to be concerned about the regulations' impact," said Rep. Frank.

It was emphasized at the April 2nd Data and Information Management Panel (DIMP) Subcommittee hearing, that the proposed regulations are unworkable for the financial services industry, and this bill would, therefore prohibit their implementation.

The hearing, which was entitled: "Proposed UIGEA Regulations: Burden Without Benefit?" heard loads of negative feedback about implementing the regulations proposed last year by the Federal Reserve and Treasury to enforce the UIGEA. Testimonies at the hearing were in addition to the more than 200 written comments submitted during the public feedback period at the end of last year.

Chairman Frank and Congressman Paul from the start have opposed the UIGEA. They have been working on legislation, H.R. 2046 to license and regulate online gaming, that would work in tandem with the bill to tax online gambling which Jim McDermott recently updated.

Read Related Articles:

  • 48th Sponsor Signs IGREA Bill to Regulate Online Poker, Online Gambling
  • UIGEA Hearing: Enforcing Vague UIGEA Is a Struggle Say Feds
  • UIGEA Hearing: Prohibition on Internet Gambling is a Failure
  • McDermott Updates Bill to Tax Billions from Online Poker, Online Gambling
  • Bill to Legalize Online Poker & Online Gambling Introduced by Barney Frank


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