Barney Frank Online Gambling Bill Will Have To Wait Until Next Year
A Bill was supposed to be voted on this week in the House of Representatives that, if approved, would have forced the government to make a list of what is, or is not, legal as far as online gambling goes.
The Bill passed the House Finance Committee last week after being revamped from a few months earlier. The original Bill was defeated in the Committee, but the new revised edition passed overwhelmingly.
The full House was supposed to vote on the Bill this week, but the current state of Wall Street has taken precedent. That leaves Frank's Bill to be in waiting until the new year.
Many things can change between now and when the Bill will be voted on. The upcoming election is expected to give Democrats a few more seats in the House, which could be a big indication into whether the Bill will pass or not.
Frank has been pushing for the Congress to overturn the ill-advised UIGEA almost since its inception. The UIGEA was a vague attempt to make online gambling illegal, but instead, all it has done is create more confusion.
Financial institutions have been given the burden of regulating the online gaming industry by not allowing transactions from online gaming companies. The only problem is that the banks have no idea how to police the situation.
Frank's new Bill would make government create a list of what is legal online. Most likely, the only thing that will be outlawed by the new Bill will be sports gambling.
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