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US House Oversight Committee Urged To Review UIGEA

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The government is attempting to address laws that are stopping the growth of businesses and jobs in the country. The Unlawful Internet Gambling Enforcement Act is one of those laws that millions of Americans would like to see eliminated.

Chairman Darrell Issa has asked businesses to submit opinions on laws that are hindering growth, and already the UIGEA has been submitted. The Safe and Secure Internet Gambling Initiative has sent a letter to Issa describing how the UIGEA is costing the US tens of thousands of jobs.

In addition to the job loss, the group has asserted that if the government did away with the UIGEA and replaced it with a regulated system of online gambling, the government would stand to gain billions of dollars in tax revenue. It is a point that has been brought up many times over the past couple of years.

"As you gather input on the various government regulations that have negatively impacted job growth, we would like to draw your attention to the opportunity to generate tens of thousands of new jobs and tens of billions in domestic gross expenditures should the federal government replace a failed attempt to prohibit Internet gambling with a system to legitimize the thriving activity," wrote Executive Director Michael Waxman.

Financial institutions have for years been pleading with the government to eliminate the UIGEA. According to analysts, the law has done nothing to slow the growth of Internet gambling in the US, while providing banks a tough mandate to stop gaming transactions to and from online sites.

Rep. Issa is a Republican that voted for the UIGEA, but the pressure is on the government to spur job growth, and perhaps no industry could provide faster and more expansive employment opportunities than Internet gaming. Issa has not yet revealed whether he is in favor of repealing the UIGEA.

While the federal government still is taking part in online gambling prohibition, individual states are looking at the possible jobs and revenue that Internet gambling could bring. New Jersey lawmakers have already passed online casino legislation, and Florida and California may not be far behind.

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