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Congressman Frank Schedules Hearing on UIGEA
WASHINGTON D.C. --
Long-time supporter of internet gambling regulation, Congressman Barney Frank (D-MA), chairman of the House Committee on Financial Services, scheduled a hearing for early April to debate issues surrounding the UIGEA.
The hearing will be significant and should address the issues being raised by the financial services sector and others. According to some, the proposed Treasury Department regulations are unclear and burdensome. With each passing week, it is becoming evident the UIGEA is a lame piece of legislation. According to Frank, rather than waste valuable resources attempting to enforce UIGEA, the U.S. should instead regulate and tax Internet gambling like other countries such as the U.K.
If Congressman Frank had it his way, the UIGEA would be abolished in favor of a legitimate, regulated, audited, and taxed industry. Right now, in the United States, the internet gambling industry is somewhat like the Wild Wild West. The only thing that has changed since the passing of the UIGEA is a new burden on our financial sector.
The one major problem with the UIGEA - its up to the banks to enforce, causing much burden on their institutions.
"The banks cannot be expected to police internet gambling" said Frank. "The banks have many other priorities and challenges including a mortgage crisis, I don't think stopping poker should be their concern."
The hearing, which is scheduled to take place in April, will air on C-SPAN and will run for several hours.
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