New Frank Bill to Take Down UIGEA - 04-15-08

April 15 - US Financial Services Committee chairman Barney Frank is stopping at nothing to weaken the Unlawful Internet Gambling Enforcement Act (UIGEA) is seems. Together with presidential aspirant, Ron Paul, Frank has launched a fresh new attack against the bill in the form of HR5767.

The new bill aims to prohibit the US Federal Board of Governors, as well as the Treasury from implementing the UIGEA. According to a statement issued by the two, the bill seeks to bar these parties from "proposing, prescribing, or implementing any regulation that requires the financial services industry to identify and block internet gambling transactions."

The proposed bill comes after a special Congressional hearing in Washington where critics of the bill showed just how impossible the task was to implement the law because of basic ambiguities in its language.

Jeffrey Sandman, speaking for the Safe and Secure Internet Gambling Initiative said: "The Frank-Paul bill will stop the US government from taking any further steps on regulations that would require all of the country's financial institutions to block internet gambling payments. It's a bold move but a necessary one, in light of the warnings from the Treasury and Federal Reserve that they did not know how to write regulations to solve the problems created by UIGEA. Further, witnesses representing a broad spectrum of the financial services community unanimously stated that the current ban on internet gambling is dangerous to the payments system and ineffective from stopping people using the internet to play poker, make bets on horses, or engage in other types of wagering."

Barney Frank is still going ahead with his IGREA bill that will see online gambling legalized and regulated, and already has 48 co-sponsors on the bill.

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