Scott Brown Financial Reform Vote May Lead To Online Gambling Talks

Representative Barney Frank is the Chairman of the House Financial Services Committee. Over the past year and a half, Rep. Frank and other committee members have been working on financial reform for the US. The time allotted to the reform bill has slowed the process of regulating online gambling in the US.

On Thursday, the Senate reached an important decision regarding their proposed reform bill. Senator Scott Brown joined two other Republican senators and fifty-seven Democratic senators in passing a cloture motion Thursday afternoon. The motion limits the amount of debate over the reform bill to only an additional thirty hours, and sets up a vote on the legislation later this week or early next week.

If the Senate bill passes, it would go back to the House for reconciliation with a House bill that was passed in December. Once that process is complete, the reform legislation would be signed by President Obama, presumably by July 4th.

If all goes well with the financial reform package, Rep. Frank would then re-energize his efforts to create online gambling reform in the US. The Unlawful Internet Gambling Enforcement Act was created in 2006, and is set to take affect on June 1st.

Originally, Rep. Frank was intent on delaying the UIGEA rules long enough to have legislation passed that would overturn what the congressman believes is an ill-advised law. When the economic recession hit, however, Frank had to focus the efforts of himself and the House Financial Services Committee on economic recovery for the US.

On Wednesday, the House ways and Means Committee held a hearing on a companion bill to Rep. Frank's legislation. The companion bill had to deal with the taxation of online gambling revenue, and it was sponsored by Rep. Jim McDermott.

The presumption was that Frank would begin discussions in July for his online gambling regulation proposal. That now looks like a safe timetable after Senator Brown and other Republicans helped move along the financial reform legislation on Thursday.

May 20, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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