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Hearing For Online Gambling Regulation Bill Postponed

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Representative Barney Frank has been pushing to overturn the Unlawful Internet Gambling Enforcement Act since it was created back in 2006. Now, Frank will have to wait a little longer as his House Financial Committee has postponed a hearing set for Friday to a later, undetermined date.

At the hearing Friday, the House Committee was set to discuss two pieces of legislation proposed by Chairman Frank. HR 2266, the Reasonable Prudence in Regulation Act and HR 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act both pertain to online gambling.

Frank has been lobbying fellow lawmakers to overturn the UIGEA. He has stated all along that he believes US citizens should have the right to gamble on the Internet in their own homes. He has acknowledged also the need for regulation to the online gambling industry to protect Americans who currently bet only.

Currently, millions of people in the US are gambling online through sites that are based outside the country. No regulations are in place, leaving many customers at the discretion of the online sites. Frank is proposing regulations that would bring millions of dollars in revenue to the US.

HR 2267 has sixty-six co-sponsors and has picked up bi-partisan support. Republicans have largely rejected the idea of Internet gambling in the past, but the advancement of casino gambling in the country has helped many former gambling foes switch positions on the issue in recent years.

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