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Frank press conference set 1600 EST will release details of his eagerly anticipated bill

http://gamingintelligencegroup.com/gig/

Wednesday, 06 May 2009 07:58
Bidding to put an end to the anti-online gambling legislation passed by the Bush Administration, Congressman Barney Frank will today unveil a bill which would seek to establish a licensing and regulatory framework for online gambling operators.



In a press conference Wednesday at 16:00 EST (Eastern Standard Time), Congressman Frank will release details of his eagerly anticipated bill which is expected to include a number of significant consumer protections, including safeguards against compulsive and underage gambling, money laundering, fraud and identity theft.



Despite the current prohibition, millions of Americans continue to participate in offshore Internet gambling.



“Rather than tell Americans what they can and cannot do online in the privacy of their homes, Chairman Frank's approach to regulate Internet gambling would protect consumers and allow the U.S. to generate billions in new revenue to fund critical government programs," said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative.



According to a recent analysis, tax revenue from a regulated industry is expected to generate between $48 billion to $62 billion over the next decade.



Congressman Frank's bill is in response to the 2006 Unlawful Internet Gambling Enforcement Act passed on the back of a vital port security bill in the 109th Congress, which made it illegal for financial institutions to process online gambling transactions.



The legislation came into force on January 19th 2009, one day before the inauguration of Barack Obama as President. Compliance with the rule by payment system providers will be required by December 1st 2009.



Representatives of the financial services industry, including the Chamber of Commerce and Financial Services Roundtable, have previously expressed concerns about the burden and ambiguity in the rules to implement UIGEA, which require the financial services sector to identify and block unlawful Internet gambling transactions.



"We hope all interested parties will unite to support Congressman Frank to help advance this important legislation," said Sandman. "Americans continue to gamble online. It is time for Congress to regulate and tax Internet gambling."