Barney Frank: "Online Gambling Enforcement Not Working"
Rep. Barney Frank reiterates his commitment that the proposed rules to enforce the Unlawful Internet Gambling Regulation and Enforcement Act (UIGEA) are “going nowhere.”
Rep. Frank’s statements were made in a letter to the Credit Union National Association (CUNA), which testified last week that U.S. financial services companies would face serious regulatory burdens if forced to enforce UIGEA and police for illegal Internet gambling activity.
Last week, Barney Frank held a hearing Wednesday looking to abolish the UIGEA that is essentially depriving the troubled US economy of billions in potential revenue. Frank's trump card hinged on "the murky language contained in the law". The UIGEA allows for some forms of online gambling while excluding others like Internet poker.
“I think it is very difficult without having a bright line about what is intended to be unlawful Internet gambling,” Louise Roseman, head of the Federal Reserve’s bank operations division, told lawmakers Wednesday.
“The challenge we have is interpreting something, particularly federal laws, that Congress themselves isn’t sure what they mean,” she said.
Frank has been a workhorse in Washington, addressing the mortgage meltdown, economic woes brought on by excluding billion dollar industries such as online gambling, and proposing other fiscally proper behaviors.
With Frank, it's indeed foreseeable we could have our first gay Jewish President of the United States come 2012. He might be a force in 2008 if he were actually running.
See Barney Frank's letter to credit unions here: Bfrank.pdf
Labels: Gaming, Internet, UIGEA
