Barney Frank to hold a press conference tomorrow re: UIGEA

[winbig]

Finally!

Dear Brian,

Barney Frank, chariman of the House Financial Services Committee, is to
introduce new legislation Wednesday that will "enable Americans to bet online
and put an end to an inappropriate interference with their personal freedom,"
according to a press release from the committee.

"The new bill would create an exemption to the Unlawful Internet Gambling
Enforcement Act (UIGEA) for operators that are licensed and regulated," the
release said. "UIGEA, which was enacted in 2006, restricts the use of the
payments system for Americans who seek the freedom to gamble online."

A press conference in Washington, D.C., has been scheduled for Wednesday at
10 a.m., Eastern Daylight Time.

IGamingNews will report as news develops.

 

[RobWin]

I wonder where they are referring to as to being "licensed and regulated" at??

 

[winbig]

I wonder where they are referring to as to being "licensed and regulated" at??

Hell, even if they only opened up to the UK licensed casinos, I'd be more than happy!!!!

I think this would also mean the re-entrance to new USA players by MGS, as well...

 

[maxd]

What with the administration change it seems Mr. Barney is a very busy guy. A lot of his other initiatives are getting serious attention so my guess is that bodes well for this one.

 

[love2winalot]

Hiya: I would love to see this happen, and pass, but imhop, it has no chance at all. This is purly Politics, and Votes. And more people believe that internet gambling supports terorist than do not. How many people gamble on line? Even if it was 1-100, "it is less than that", as a politician you get 1 vote, and risk losing up to 99 votes.

Supports on line Gambling: "Hi, Vote for me, i believe in Freedom on the Internet".

Against online gambling: "Hi, vote for me, because i am shuting down all the ways terrorist get funding, including online gambling".

I Think it is important to note, I have never heard of anyone being able to prove than internet gambing supports any terrorsit group, or any group for that matter, outside of the internet casino it self. Have you?

And if they could find just one instance where it did, i can see the TV Add's Now.

"___________Poker.com. What harm is there? Go ask the_____________Family, who son was just killed by a rocket, that was bought using funds from that online site."

Remember, there is a reason this bill was attached to the anti terrorist act, and was not just a stand alone bill.

Stand alone bill= who cares? If they want to gamble online, let them.
Stop funding terrorist= Yea, this will get me more votes come election time.

 

[winbig]

Hiya: I would love to see this happen, and pass, but imhop, it has no chance at all. This is purly Politics, and Votes. And more people believe that internet gambling supports terorist than do not. How many people gamble on line? Even if it was 1-100, "it is less than that", as a politician you get 1 vote, and risk losing up to 99 votes.

Supports on line Gambling: "Hi, Vote for me, i believe in Freedom on the Internet".

Against online gambling: "Hi, vote for me, because i am shuting down all the ways terrorist get funding, including online gambling".

I Think it is important to note, I have never heard of anyone being able to prove than internet gambing supports any terrorsit group, or any group for that matter, outside of the internet casino it self. Have you?

And if they could find just one instance where it did, i can see the TV Add's Now.

"___________Poker.com. What harm is there? Go ask the_____________Family, who son was just killed by a rocket, that was bought using funds from that online site."

Remember, there is a reason this bill was attached to the anti terrorist act, and was not just a stand alone bill.

Stand alone bill= who cares? If they want to gamble online, let them.
Stop funding terrorist= Yea, this will get me more votes come election time.

They already tried the terroristic ads which claimed that by driving gas-guzzling SUV's, you're supporting terrorism. It failed miserably.

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This bill has bite, and definitely has a chance. It's not about politics, it's about our FREEDOMS guaranteed to us under our CONSTITUTION.

 

[lots0]

Listening to radical right wingers about "TERROR"... has become quite amusing.
I don't think serious people give these accusations about online gambling funding TERROR any real credence.

This is ALL about FREEDOM vs. TYRANNY.

In a FREE country you can choose to spend your money most any way YOU CHOOSE.

In TYRANNY the government tells you how and where you can spend your money...

I really like what Barney Frank is doing... If the UGIEA is over turned... I think I'll get Barney the best man whore I can find for the night..

 

[cpdnd31]

I'll help pay for the man whore with all the winnings I get from the new casinos I would be able to play at.


I agree with you 100 % when they put the smoking ban in IL, my thought was this isnt if you smoke or not they are taking away a persons right to choose. I pay my taxes than I should be able to buy or do what I would like to with my money.

 

[jetset]

Update

ONLINE GAMBLING BILL IS BIG NEWS (Update)

Updated analysis estimates regulation will generate up to $63 billion in new government revenue over ten years

Yesterday's press release that US House Financial Services chairman Barney Frank is to host a press release this (Wednesday) morning on his imminent attack on the UIGEA generated massive mainstream media coverage internationally, showing that the battle for the liberation of online gambling in the United States continues to draw considerable interest.

Support for Congressman Frank's proposal to overturn the UIGEA came immediately from the pressure group Safe and Secure Internet Gambling Initiative, which issued a statement updating the financial benefits of regulating and taxing US Internet gambling. A SSIGI spokesman said that a recent analysis had shown that collecting taxes on regulated Internet gambling would allow the U.S. to capture between $48.6 billion to $62.7 billion in new revenue over the next decade, a 21 percent increase from previous estimates.

SSIGI spokesman Jeffrey Sandman said that Congressman Frank's proposal would establish an enforcement framework for licensed gambling operators to accept online wagers from individuals in the U.S.

"The legislation is expected to include a number of significant consumer protections, including safeguards against compulsive and underage gambling, money laundering, fraud and identity theft," said Sandman. "Millions of Americans are wagering more than $100 billion annually with offshore Internet gambling operators despite the current prohibition imposed under the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA)," he added.

Sandman said the SSIGI applauded Frank's strong leadership to advance a common sense approach to regulate Internet gambling and reverse the intrusive, ineffective and burdensome prohibition.

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

During the 110th Congress, Chairman Frank introduced the Internet Gambling Regulation and Enforcement Act of 2007. A companion piece of legislation introduced by Rep. Jim McDermott (D-WA), the Internet Gambling Regulation and Tax Enforcement Act of 2008, would help capture revenues that are currently lost to offshore gambling operators.

Representatives of the financial services industry, including the Chamber of Commerce and Financial Services Roundtable, have 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 (see previous InfoPowa reportage).

Bloomberg, along with other major news sources, reported on the new Frank initiative, noting that it has support from influential companies such as Youbet.com Inc. and Harrahs Entertainment Inc., in addition to the Poker Players Alliance, a million member organisation formed to overturn the UIGEA.

The service recalled that online gambling operations, banks, state lotteries and poker aficionados have previously opposed the UIGEA without success. Some critics had criticised the law for making no clear distinction between legal and illegal online wagering, creating problems from the financial services industry burdened with its enforcement. For example, some states such as California allow lottery tickets to be purchased online, and the ban doesnt affect online betting on horse racing.

Harrahs registered to lobby for the first time and spent $405 087 from January to March '09, the Bloomberg report revealed. To supplement its in-house lobbyists, the gambling giant hired veteran Democratic fundraiser Tony Podesta.

Harrah Vice President Jan Jones said regulating and taxing online gambling might swell government coffers by $2 billion to $6 billion annually. At a time where there is no money, that can be going to health care or S-CHIP, the childrens insurance program, Jones said.

California-based Youbet hired its own lobbyist to push for legalised online gambling, according to CEO Michael Brodsky. He said the company would expand into online poker and other Internet gambling if Congress permitted it.

Our customers would love to do more and we would love to offer our customers more, said Brodsky. Theres a big opportunity to do something that makes sense for everyone. Its a very nice revenue-raiser at a time when everyone is looking to plug the holes.

The Poker Players Alliance has engaged with another specialist outside firm and boosted its lobbying budget.

 

[RobWin]

Harrah's huh....interesting, who would of thunk it...

 

[BingoT]

Barney Frank to offer legislation allowing online gambling

WASHINGTON - Legislation to allow Internet gambling is scheduled to be introduced today by US Representative Barney Frank.
The legislation would allow licensed gambling operators to accept online wagers from people in the United States. The bill would revise the 2006 law, which made it a crime for banks to process financial transactions used to place illegal bets online.

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[pevangel]

ohhhhh i am keeping my fingers crossed and my eyes, i am so anxious. wooohooo barney frank.


pevangel

 

[winbig]

Is this gonna be televised anywhere???

 

[pevangel]

that a great question winbig. i would like to know also, anybody know if we can watch this somewhere?


pevangel

 

[winbig]

that a great question winbig. i would like to know also, anybody know if we can watch this somewhere?


pevangel

I could almost bet the farm that it won't be on FOX News/Business, so I'd almost bet CNN or MSNBC....but who knows...lol

 

[pevangel]

yep winbig my thoughts exactly cnn or msnbc. i would love to see it though as its happeneing lol, would be very interesting lol. plus i am so anxious i can not wait to see the outcome lol.



pevangel

 

[RobWin]

Barney is speaking right now on C-Span

 

[lots0]

Ya beat me to the post Rob...

But I have heard nothing about the UGIEA yet...

 

[RobWin]

Ya beat me to the post Rob...

But I have heard nothing about the UGIEA yet...

Yea, me neither...all they have talked about so far is the mortgage business. May be after lunch before he gets to it.

 

[winbig]

I just read that it was pushed back to 4pm. This article was posted at 10am, so it makes sense...

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I'm assuming that this will be on CSPAN3? On "Today in Washington?"

 

[RobWin]

The Following 4,294,967,295 Users Say Thank You to winbig For This Useful Post:

The list is long but there were a lot of folks here that did "Thank You" for that useful info there Win...

 

[lots0]

They really loved ya Rob...:notworthy:notworthy