Details released for Barney Frank's new online gambling bill

[winbig]

http://www.gamesandcasino.com/gambli...bill-released/

Woot

[slotheadlizard]

Man, that's sound great! Its really clear cut. #4 gives me hope of eliminating new seedy owners

[cpdnd31]

If this were to happen, and God I hope it does. How long do you think it would take. To pass and be reinstated.

[lots0]

IMO, If something like this passes, you'll see about 90% of the online casinos go unregistered... just like they do now.

But hopefully this will allow some of the best outfits back into the USA.

Lets hope they don't do like they did with Machine Guns and Pot... They have the licenses but never issue any to anyone.

[jetset]

DETAILS OF FRANK ONLINE GAMBLING BILL RELEASED (Update)

New title but similar precautions

The chairman of the House Financial Services Committee, Congressman Barney Frank released details of his new legislative proposal aimed at legalising online gambling in the United States Wednesday ahead of a delayed press conference re-scheduled to late afternoon Washington time.

Titled the Internet Gambling Regulation Consumer Protection & Enforcement Act the proposal seeks to overturn the controversial and much villified Unlawful Internet Gambling Enforcement Act (UIGEA) passed in 2006, which outlawed financial transactions with online gambling companies and has caused billions in damages to European companies forced to withdraw from the US market.

The bill seeks to issue licenses to online gambling operators, but only those who are in good financial and legal standing and of good character, honesty and integrity, and whose prior activities, reputation, habits and associations do not pose a threat to the public interest or to the effective regulation and control of of the licensed activities.

Pre-licensing checks are likely to be stringent, and would be operators will have to demonstrate that they possess the requisite expertise to professionally manage Internet gambling operations. There will be an insistence on operators having the technology and systems necessary to effectively combat money laundering and fraud, exclude underage and problem gamblers, meet tax requirements and comply with US federal and state laws.

Applications are open to all entities, who will have to supply detailed financial records and personal details of directors in order that credit and criminal histories can be checked.

The nature and depth of background checks will be decided by the Secretary for the Treasury, who will be charged with the approval and monitoring of licensees and may call on the US Attorney General for enforcement and compliance issues.

Licensing terms will be for five years, renewable conditional on good conduct and efficiency, and the Secretary for the Treasury will have authority to terminate the licenses at any time if a licensee does not comply with requirements. Terms of imprisonment of up to five years are provided for under the Act.

Congressman Frank later told reporters that he intends to move the bill before the House's August break, but that he will be introducing special legislation titled the Reasonable Prudence in Regulation Act of 2009 aimed at delaying for a year the implementation of the highly controversial and much delayed regulations supporting the UIGEA, which were rushed through in the twilight months of the Bush administration and are due to finally go into effect on 1st December.

This will allow the new Democrat controlled Congress to decide a national policy.

Representative McDermott is also re-introducing a companion bill aimed at ensuring that individual and corporate taxes owed on regulated Internet gambling activities are collected.

There are already rumblings from Republican politicians like Spencer Bachus, and from national sports leagues and conservative Christian groups, which indicate that the Internet Gambling Regulation Consumer Protection & Enforcement Act is unlikely to enjoy a trouble-free passage.

[winbig]

IMO, If something like this passes, you'll see about 90% of the online casinos go unregistered... just like they do now.

True, BUT They will also lose 99% of their USA business when/if this does pass. I can't speak for anyone else, but once this passes, I will no longer play at any casinos that won't get a license, unless they treat me like gold, and have for some time already...

But hopefully this will allow the some of the best outfits back into the USA.

Yep, that's what I'm expecting, at least....plus I would almost expect Harrah's and PartyGaming to either merge or work out some sort of agreement..

Lets hope they don't do like they did with Machine Guns and Pot... They have the licenses but never issue any to anyone.

Nah, there's too much money at stake, plus the USA is in debt for $10 trillion +, so they need all they can get.

[Mousey]

Just got in on lunch break. Haven't had a chance to look at these. These are PDF files...

text of the Internet Gambling Regulation, Consumer Protection, and Enforcement Act


text of Reasonable Prudence in Regulation Act

********


P.S..... I heart Barney

[winbig]

I too!



And no, I'm not a man-whore.

[Mousey]

Just as a sort of complementary thought .... here's I. Nelson Rose

Gambling and the Law: What is Poker?

[adedpoet]

Reps. Barney Frank, D-Mass., chairman of the House Financial Services Committee, and Peter King, R-N.Y., unveiled legislation Wednesday that would enable Americans to legally gamble online.

"The government should not interfere with people's liberty unless there is a good reason," Frank said. "This is, I believe, the single biggest example of an intrusion into the principle that people should be free to do things on the Internet. It's clearly the case that gambling is an activity that can be done offline but not online."

The law currently prohibits credit card companies and banks from processing bets placed on online gambling Web sites.

The legislation will repeal language passed in 2006 and signed into law by President Bush that made it illegal for banks and credit card companies to process bets made on the Internet.

Opponents argue that this will serve as a "clear danger to our youth" and encourage gambling addiction at a young age.

"If you put a computer in a teenager's bedroom, or in a student's dorm room at college, it's a temptation that many fall prey to," Rep. Spencer Bachus, R-Ala., said in a statement. "In fact, studies have shown that the earlier one begins gambling, the more likely it is he or she will become a compulsive problem gambler."

But Frank said his bill will include safeguards to prevent underage or compulsive gambling and other illegal activity.

"The notion that a society should prohibit something entirely because of the possibility that children will abuse it is a terrible blow to liberty," Frank said.

Among the safeguards in the bill is that any Internet gambling operator would be required to: ensure an individual placing a bet is of legal age (as defined by the law in the state or tribal area) and physically located in that jurisdiction, combats compulsive Internet gambling and money laundering, and protects privacy.

Frank added that he feels this will lift the burden off banks, which are compelled under the current legislation to regulate gambling activity.

The Poker Players Alliance, chaired by former New York Sen. Alfonse D'Amato, supports the bill. D'Amato said Wednesday in a press release that he is "grateful for Chairman Frank's leadership and will be activating our grassroots army made up of over one million members to help him drive legislation."

Michael Brodsky, head of Youbet.com, an online gambling Web site, praised Frank's bill.

"Banning Internet gambling has the same effect as the ban on alcohol had during Prohibition," Brodsky said. "It merely drives the activity underground, forgoes massive tax revenues and makes criminals out of otherwise law-abiding citizens.

"Chairman Frank's bill realities and would bring this underground activity into the light," he added.