HR5767 PROGRESS (Update)

27 June 2008

Attempt to halt implementation of UIGEA regulations still pending


Mark-up of HR5767, the Payments System Protection Act designed to prohibit regulators from implementing rules under the Unlawful Internet Gambling Enforcement Act of 2006 was held over a day by the House Financial Services Committee on Tuesday.

The panel had eight bills on its agenda for mark-up and adjourned with three still awaiting action. H.R. 5767, introduced by panel Chairman Barney Frank, D-Mass., was among those. The mark-up continues at 11 a.m. Eastern time Wednesday.

During Tuesday’s mark-up, Ranking Member Spencer Bachus, R-Ala., said he opposed H.R. 5767 because it would “effectively render the [UIGEA] act impotent.” Bachus co-sponsored the 2006 law.

Frank said discussion on the bill was postponed for a pending ruling from the parliamentarian.

Dan Berger, senior vice president of government affairs for the National Association of Federal Credit Unions, wrote Monday in support of the bill, noting that implementing rules under the act would be cost-prohibitive and burdensome.

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