U.S Chamber of Commerce Opposes HR 4411

by Lou on August 2, 2006

Dow Jones reported that the U.S. Chamber of Commerce wants the Senate to amend the Internet Gambling Prohibition and Enforcement Act, saying it would impose a “substantial regulatory burden” on financial institutions. This is the “unfunded mandate” that this blog has been discussing for quite some time.

World’s Biggest Business Group Opposes HR 4411
The U.S. Chamber of Commerce, which is the world’s largest business federation, represents three million companies. They’ve are part of a growing list of trade associations that oppose parts of HR 4411, the Internet Gambling Prohibition and Enforcement Act.

The U.S. Chamber warns that obliging companies to investigate whether transactions are related to Internet gambling, could “require substantial changes to the system by which such instruments are processed. Clearly, the costs of these changes would be significant,” the Chamber said. “We are writing to strong urge the Senate to amend this legislation to clarify with certainty that the bill will not require financial institutions to block non-coded transactions.”

Banker’s Group Opposes it Too
In a separate letter, the Independent Community Bankers of America told the U.S. Senate Committee on Banking, and the Senate Committee on the Judiciary that the bill creates an “impossible compliance burden” and threatens to subject banks and electronic processors to potential criminal liability.

I’m thinking the pressure is beginning to mount on this bill and that it is dead for this session. But 2007 is another year, and the online poker community as well as the efforts of the Poker Players Alliance need to be prepared to fight this battle again next year.

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