Hearing on Internet gambling to be held Friday

**judyb57** · 04-13-2010, 05:56 PM

Hearing on Internet gambling to be held Friday
12 April 2010

WASHINGTON, D.C. -- (PRESS RELEASE) -- On Friday, April 16, the House Committee on Financial Services will discuss the expected challenges from enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA) – a law that seeks to prohibit some forms of online gambling activity while permitting others. Previously, representatives of the financial services sector, as well as of the Department of the Treasury and Federal Reserve System, expressed concern to Congress that UIGEA is ambiguous, burdensome for banks and financial institutions and unlikely to achieve its main objective, stopping Americans from gambling online. Two pending bills introduced by House Committee on Financial Services Chairman Barney Frank (D-MA), the Reasonable Prudence in Regulation Act (H.R 2266) and Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267), seek to delay implementation of UIGEA for one year or replace it with a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S. The hearing is scheduled to begin at 10 am in Room 2128 of the Rayburn House Office Building .

"This hearing will provide further evidence that UIGEA is a poorly-crafted law that simply does not work. A more common sense approach to protect Americans is required," said Michael Waxman, spokesperson of the Safe and Secure Internet Gambling Initiative. "We expect this hearing to provide further impetus for the House Financial Services Committee and Congress to address this issue and move forward Chairman Frank's regulatory bill."

In November 2009, the Department of the Treasury and Federal Reserve System announced an extension to the compliance date of the final UIGEA regulations by six months to June 1, 2010. Recent news reports indicate that there will not be another extension of the compliance date, allegedly the result of a deal struck between the Treasury Department and Senator Jon Kyl (R-AZ) in order to lift a block on certain administration appointments.

H.R. 2267, introduced by Chairman Frank in May 2009, would put in place practical and enforceable standards to bring transparency to Internet gambling by licensing gambling operators who meet strict business operations criteria. In addition to consumer protections, the legislation reinforces the rights of each state to determine whether to allow Internet gambling activity for people accessing the Internet within the state and to apply other restrictions on the activity as determined necessary.

A revised companion to Chairman Frank's bill, the Internet Gambling Regulation and Tax Enforcement Act of 2010 (H.R. 4976), introduced by Rep. Jim McDermott (D-WA), is projected to generate $42 billion in new federal government revenues and $30 billion in new state government revenues over ten years. The primary source of the revenue would come from ensuring applicable taxes and license fees on regulated Internet gambling activities are collected.

SOURCE

pevangel · 04-13-2010, 06:56 PM

It is postponed again,and there is no make up date. Just saw on casinomeister,
gosh they sure do know how to torture us.

pevangel

**judyb57** · 04-13-2010, 07:17 PM

Oh man, this is torture. Thanks for the update hon.

pevangel · 04-13-2010, 08:02 PM

Update: House hearing on online gambling postponed

By Tony Romm - 04/12/10 03:36 PM ET
A scheduling conflict has forced House Financial Services Committee Chairman Barney Frank (D-Mass) to cancel this Friday's planned hearing on online gambling laws, committee staff announced late Monday.
A spokesperson for the congressman did not say in a statement announcing the change when the hearing might instead occur. Committee staff did promise, however, to release more information once the hearing is rescheduled.

Friday's hearing was originally slated to focus on two bills that would delay a scheduled ban on online gambling, if not totally legalize the practice.
Neither bill was expected to be marked up during the morning hearing, according to reports. Rather, Frank intended only to field testimony from online gambling experts, some of whom support the chairman's repeated attempts to repeal the Unlawful Internet Gambling Enforcement Act (UIGEA), which includes rules that prohibit banks from servicing businesses' accounts involved in online gambling.

That much-debated law will enter into effect on June 1, following a six-month delay instituted by the Treasury Department. Federal officials have since agreed not to extend the suspension again, as part of a deal last year between the Obama administration and Sen. Jon Kyl (R-Ariz.) over a series of White House nominees blocked from receiving confirmation votes.

One bill slated for discussion is Frank's "Reasonable Prudence in Regulation Act," which would delay that fast-approaching, June 1 deadline for another year. The suspension would then give lawmakers time to debate alternatives to UIGEA, which Frank first targeted for repeal in May 2009.

A second bill, the "Internet Gambling Regulation, Consumer Protection and Enforcement Act," would overturn UIGEA entirely and permit domestic gambling, provided that companies adhere to strict licensing rules. The legislation is an attempt to rein in an industry that has responded to federal restrictions by relocating overseas, the congressman has previously emphasized.
Both efforts would prove to be hard sells if they reached floor debate, especially in the Senate. But online gambling associations still quickly praised Frank's effort to reignite discussion on the practice.

“This hearing will provide further evidence that UIGEA is a poorly-crafted law that simply does not work," Michael Waxman, the spokesman for the Safe and Secure Internet Gambling Initiative, before the hearing was postponed.
“We expect this hearing to provide further impetus for the House Financial Services Committee and Congress to address this issue and move forward Chairman Frank’s regulatory bill.”
(This post was updated at 3:36 p.m. to reflect the postponed hearing)

I found this on the hill online, political online newspaper.

arggggg when will we know.

pevangel

CALizzz · 04-13-2010, 08:37 PM

WANKERS!