Rep. Frank Takes Stand Against Web Gambling Ban
Legislation that would prohibit the Treasury Department and Federal Reserve from proposing, prescribing or implementing any regulations related to the current ban on Internet gambling was introduced late last week by House Financial Services Chairman Barney Frank, D-Mass., and Rep. Ron Paul, R-Texas.
Unlawful Internet Gambling Enforcement Act regulations "are impossible to implement without placing a significant burden on the payments system and financial institutions," Frank said. "While I do disagree with the underlying objective of the act, I believe that even those who agree with it ought to be concerned about the regulations’ impact.” The Domestic and International Monetary Policy Subcommittee held a hearing on the topic this month.
Safe and Secure Internet Gambling Initiative spokesman Jeff Sandman said the legislative move was bold but necessary in light of warnings from the Treasury and Federal Reserve that they did not know how to write regulations to solve problems the law created. Testimony at the hearing offered proof that financial services would also face serious regulatory burdens in attempting to enforce the ban, the group said.
Read CongressDaily's April 2 hearing story here.
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