5 New Co-Sponsors Join Frank-Paul Anti UIGEA Bill HR 5767

House Financial Services Committee Chairman Barney Frank [MA-4] introduced a bill (HR 5767) that would prohibit the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from taking any action to implement rules governing the Unlawful Internet Gambling Enforcement Act (UIGEA). On May 15, five more congressmen joined eleven others to co-sponsor this bill.

In a hearing this past April, it was determined there is no clear way to enforce the UIGEA due to the various differences in State laws concerning online gambling, as well because there is no clear federal law that defines what is and what is not illegal in respect to online gambling.

The UIGEA, as written, places the burden of enforcement on financial institutions and forces them to act as an entity of law enforcement. The original proposed rules were thus met with strong opposition from many of the leading financial institutions nation-wide, as well as from individuals and groups concerned about their loss of privacy and freedoms.

Congress is taking steps to mitigate this bad law and its consequences that have brought the industry into the limelight and caused many legitimate companies to withdraw from the US market. Nations around the world have sought relief from the United States for banning this activity, and they have won their case based on prior trade agreement violations within the WTO. Settlements and compensation are currently being negotiated between the United States and all other countries that have filed claims.

We encourage all members of Congress to take a long hard look into this subject and to be logical and rational when they decide whether or not to support it.

The most recent co-sponsors are:
Rep. Russ Carnahan [MO-3]
Rep. Michael Capuano [MA-8]
Rep. Ed Perlmutter [CO-7]
Rep. Charles Gonzalez [TX-20]
Rep. Joe Baca [CA-43]

May 16, 2008
Posted By Bob Hartman
Staff Editor, CasinoGamblingWeb.com
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