Can Barney Frank and Ron Paul Derail UIGEA?

by Lou on June 22, 2008

The House Committee on Financial Services will mark up H.R. 5767 on June 24, 2008. This bill, introduced on April 11, 2008 by Reps. Barney Frank (D-MA) and Ron Paul (R-TX), would prohibit the Department of the Treasury and Federal Reserve System from proposing, prescribing, or implementing any regulations related to the current ban on Internet gambling, as required by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA).

H.R. 5767’s introduction followed a hearing entitled, “Proposed UIGEA Regulations: Burden without Benefit?” in the House Committee on Financial Service’s Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. According to Reps. Frank and Paul “It was clear at the hearing that the regulations are unworkable for the financial services industry, and this bill would, therefore prohibit their implementation.”

Representatives of the U.S. Department of the Treasury and Federal Reserve System acknowledged that U.S. financial institutions will face significant issues in attempting to comply with UIGEA. Testimony from representatives from the Credit Union National Association, Financial Services Roundtable, American Bankers Association, and Wells Fargo & Co., all spoke to the unnecessary burden they would face given the ambiguity of UIGEA and potential confusion stemming from multiple interpretations of what may or may not be illegal activities.

“Congress has studied this issue and heard from the financial services community and federal regulators that the current ban on Internet gambling is burdensome and doomed to fail. Now it is time for Congress to change course and find a way to protect the millions of Americans that are continuing to gamble online,” said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative.

{ 1 comment }

gtycoon June 23, 2008 at 1:29 am

It’s too bad Ron Paul’s Presidential bid was nullified by the MSM by largely ignoring him.

It’s good to see him continue to fight for the best interest’s of the American people in more ways than just this gambling law.

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