TODAY IS BIG DAY FOR BARNEY FRANK

[pevangel]

Hi all

got this from meister forum

WASHINGTON - Legislation to allow Internet gambling is scheduled to be introduced today by US Representative Barney Frank.
The legislation would allow licensed gambling operators to accept online wagers from people in the United States. The bill would revise the 2006 law, which made it a crime for banks to process financial transactions used to place illegal bets online.

Barney Frank, chariman of the House Financial Services Committee, is to
introduce new legislation Wednesday that will "enable Americans to bet online
and put an end to an inappropriate interference with their personal freedom,"
according to a press release from the committee.

http://www.boston.com/business/arti...o_offer_legislation_allowing_online_gambling/

"The new bill would create an exemption to the Unlawful Internet Gambling
Enforcement Act (UIGEA) for operators that are licensed and regulated," the
release said. "UIGEA, which was enacted in 2006, restricts the use of the
payments system for Americans who seek the freedom to gamble online."

A press conference in Washington, D.C., has been scheduled for Wednesday at
10 a.m., Eastern Daylight Time.

IGamingNews will report as news develops.

i am keeping my fingers crossed and my eyes.


pevangel

 

[Spin2Win]

WHOO HOO! Let's hope we get some positive results!

 

[CareyG]

OMG it would soooooo awesome!! Cant wait to get the news!!
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[judyb57]

You beat me to it, just came to post this, lol


May 6, 2009 (CAP Newswire) -- The eagle has landed! After months of anticipation, U.S. House Financial Services Committee Chairman Barney Frank has introduced into the U.S. Congress new legislation that would not only reverse the UIGEA (Unlawful Internet Gambling Enforcement Act of 2006), but would also establish a legal regulatory framework to allow online gambling in the United States.

The new bill, officially called the Internet Gambling Regulation Consumer Protection & Enforcement Act, would give the U.S. Treasury Department the authority to regulate how Internet gambling is conducted in the country. This would be accomplished through a system of licensing of gaming companies; the Treasury Department would have the authority to issue or revoke such licenses.

In an interesting side note, Representative Frank told reporters that he will also introduce a separate piece of legislation that will "freeze" the implementation of the UIGEA.

The bill is highly anticipated not just in the United States, but overseas as well. Online gambling firms based in Europe have “lost billions of euros in value” because of the UIGEA, reports Reuters news services. In addition, the ban has resulted in a tense trade situation between the U.S. and the EU, and some unfortunate (and many say unfair) prosecution of European gambling companies like PartyGaming.

The fact that the Congress and White House are now in Democratic hands is predicted to help passage of the new law. However, it’s still not a sure bet, as opposition to online gambling (and all forms of gambling) remains strong in some U.S. political quarters.

For example, Representative Spencer Bachus, also on the House Financial Services Committee, has already come out in attack of the new bill. "Illegal off-shore Internet gambling sites are a criminal enterprise," Bachus was quoted in the Reuters article. "Allowing them to operate unfettered in the United States would present a clear danger to our youth, who are subject to becoming addicted to gambling at an early age."

To read the original Reuters story, click here.

 

[pevangel]

lol judy...

i been watching cspan but i had to run out still havent heard what the outcome was. has anyone heard anything yet??


pevangel

 

[CareyG]

Ok so what does this mean?? Was it approved??
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[pevangel]

carey so sorry but i have no clue after so many hours watching i gave up, so i'm looking around for the answer when i know i will post. but if anyone knows please share.


pevangel