FRANK COMMITTEE TO DISCUSS ONLINE GAMBLING THIS WEEK

8 June 2007

Friday hearing by House Financial Services Committee

The House Financial Services Committee chaired by Congressman Barney Frank has declared that it is to hold a hearing this Friday (June 8) to look at Internet gambling and its implications for the United States.

The hearing will examine whether Internet gambling can be regulated to protect consumers and the payments system, said a House Financial Services Committee spokesman.

Committee Chairman Barney Frank introduced a bill in April (see previous InfoPowa report) that would regulate and licence online gambling, effectively overturning last year's Unlawful Internet Gambling Enforcement Act which prohibits financial transactions with online gambling real money sites.

Frank, a Democrat from Massachusetts is on record as describing the ban as "one of the silliest laws" that was "imprudently adopted," and that the pastime is "a matter of individual freedom." Frank's bill would make it legal again for banks and credit card companies to make payments to licenced online gambling sites prepared to be regulated and taxed.

The bill includes provisions for licensing and regulating online gambling companies to protect against underage gambling, compulsive gambling, money-laundering and fraud.

Online Casino News courtesy of InfoPowa