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Hearing on Internet gambling to be held Friday

Discussion in 'America the Beautiful' started by pevangel, Apr 14, 2010.

    Apr 14, 2010
  1. pevangel

    pevangel Meister Member

    inside sales
    Hearing on Internet gambling to be held Friday
    APRIL 16,2010

    WASHINGTON, D.C. -- (PRESS RELEASE) -- On Friday, April 16, the House Committee on Financial Services will discuss the expected challenges from enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA) – a law that seeks to prohibit some forms of online gambling activity while permitting others. Previously, representatives of the financial services sector, as well as of the Department of the Treasury and Federal Reserve System, expressed concern to Congress that UIGEA is ambiguous, burdensome for banks and financial institutions and unlikely to achieve its main objective, stopping Americans from gambling online. Two pending bills introduced by House Committee on Financial Services Chairman Barney Frank (D-MA), the Reasonable Prudence in Regulation Act (H.R 2266) and Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267), seek to delay implementation of UIGEA for one year or replace it with a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S. The hearing is scheduled to begin at 10 am in Room 2128 of the Rayburn House Office Building .

    "This hearing will provide further evidence that UIGEA is a poorly-crafted law that simply does not work. A more common sense approach to protect Americans is required," said Michael Waxman, spokesperson of the Safe and Secure Internet Gambling Initiative. "We expect this hearing to provide further impetus for the House Financial Services Committee and Congress to address this issue and move forward Chairman Frank's regulatory bill."

    In November 2009, the Department of the Treasury and Federal Reserve System announced an extension to the compliance date of the final UIGEA regulations by six months to June 1, 2010. Recent news reports indicate that there will not be another extension of the compliance date, allegedly the result of a deal struck between the Treasury Department and Senator Jon Kyl (R-AZ) in order to lift a block on certain administration appointments.

    H.R. 2267, introduced by Chairman Frank in May 2009, would put in place practical and enforceable standards to bring transparency to Internet gambling by licensing gambling operators who meet strict business operations criteria. In addition to consumer protections, the legislation reinforces the rights of each state to determine whether to allow Internet gambling activity for people accessing the Internet within the state and to apply other restrictions on the activity as determined necessary.

    A revised companion to Chairman Frank's bill, the Internet Gambling Regulation and Tax Enforcement Act of 2010 (H.R. 4976), introduced by Rep. Jim McDermott (D-WA), is projected to generate $42 billion in new federal government revenues and $30 billion in new state government revenues over ten years. The primary source of the revenue would come from ensuring applicable taxes and license fees on regulated Internet gambling activities are collected.

    Gosh I hope this gets past soon, it is getting harder and harder for us in the good ole USA.

    pevangel :)
    2 people like this.
  2. Apr 14, 2010
  3. Mousey

    Mousey Ueber Meister Mouse CAG

    Pencil Pusher
    It's been postponed. :(
  4. Apr 14, 2010
  5. pevangel

    pevangel Meister Member

    inside sales
    omg, already Mousey? Geez everytime I think we will finally know our destiny it falls thru :confused: Thank you very much Mousey :(

  6. Apr 14, 2010
  7. kmartinusa

    kmartinusa Dormant account

    Business Owner
    Under the Radar
    Meeting postponed

    Barney Frank Internet Gambling Committee Hearing Postponed


    By Tom Jenkins - Apr 12th, 2010 .

    A hearing in the House Financial Services Committee scheduled for Friday, April 16th has been postponed. No makeup date has been announced for the discussion, which was to center on two internet gambling bills proposed by Congressman Barney Frank (D-MA).

    The hearing was set to feature debate over “governmental perspectives” of HR 2266 (Reasonable Prudence in Regulation Act) and HR 2267 (Internet Gambling Regulation, Consumer Protection, and Enforcement Act). Frank introduced both measures last May. HR 2266 delays mandatory financial services industry compliance with the regulations of the Unlawful Internet Gambling Enforcement Act (UIGEA) by one year, while HR 2267 establishes a full framework for internet gambling outfits to solicit real money customers from the United States.

    No markup of either bill was planned in Friday’s hearing, which no longer appears on the official website of the House Financial Services Committee. A spokesperson for the Committee, Steve Adamske, told Poker News Daily on Monday, “We had a previously scheduled event in Massachusetts,” although he could not elaborate on what event precluded Frank from being in Washington, D.C. Frank is the Chairman of the House Financial Services Committee, which was set to convene on Friday at 10:00am ET in Room 2128 of the Rayburn House Office Building.

    A representative of the Poker Players Alliance (PPA), the industry’s main lobbying voice on Capitol Hill, told Poker News Daily that a make up date would likely be announced in the near future, although none was available at press time. HR 2267 boasts 66 co-sponsors spanning the political spectrum, while HR 2266 has 55. Adamske could also not speculate on when the hearing would be rescheduled.

    The news of the delay comes just six weeks removed from mandatory financial services industry compliance with the regulations of the UIGEA, which are set to go into full effect on June 1st. On the TwoPlusTwo forums, posters were growing increasingly frustrated as the June 1st deadline draws nearer. “Pilkain” noted, “How can my state government sell lottery tickets, but, oh no, internet poker is the devil! I love my country, but we have some pretty stupid rules. It seems the government likes to regulate too many minuscule things these days.”

    Others members of the online poker community chose to remain slightly more upbeat: “I think withdrawals are gonna be fine still. Basically, the game is just gonna be even more dried up than it already is. Good thing two casinos near me are getting table games this summer,” wrote “cashgamepoker500.”

    In November, representatives of the U.S. Treasury and Federal Reserve granted a six-month extension in industry compliance with the regulations of the UIGEA until June 1st. In the interim, it was thought that legislation clarifying the muddled 2006 law would be crafted, but none has come to fruition four months later. Meanwhile, the PPA is looking to strike a deal with UIGEA proponent Senator Jon Kyl (R-AZ), who was one of the main locomotives behind the 2006 law, to absolve online poker from the final UIGEA rules.

    Hearings are scheduled this week in the House Financial Services Committee covering foreclosures, housing financing, the Home Affordable Modification Program, and the Community Reinvestment Act. Stay tuned to Poker News Daily for the latest on the looming UIGEA compliance deadline.

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    2 people like this.
  8. Apr 14, 2010
  9. footdr

    footdr Banned User: PITA violations of the Forum Rules

    Franks Bill will never pass....

    as long as this "poorly drafted Legislation" stays on the books the status-quo will exist. The less Government intervention the better. These clowns have failed to properly issue the regulations that were suppose to be developed by the Fed, Treasury and Attorney Generals office over almost 2 years ago.

    No guidelines have ever been distributed and banks and credit card companies are still following "pre-UIGEA" guidelines.

    Unforturnately, some casino groups bailed-out to quickly and some processors bailed on ACH/EFT prematurely. ACH/EFT is still the safest method for doing business.
  10. Apr 14, 2010
  11. Simmo!

    Simmo! Moderator Staff Member

    Web Dev.
    Someone on GPWA made a very valid post IMO that if the UIGEA gets enforced it won't take long for everyone to realise just how badly drafted and hard to get right without affecting legitimate transactions it is. More people in the financial services sector will probably add their voices to calls for it to be repealed as a result.

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