Web Gambling Rules Issued, Over Rep. Frank's Protest
The Treasury Department and the Federal Reserve issued a final rule late Wednesday aimed at stopping illegal Internet gambling - two days after House Financial Services Chairman Barney Frank had called for a delay in the rule because of the problems he said it would cause for banks. But the regulation pleased Republican lawmakers: The GOP still controlled Congress when the Unlawful Internet Gambling Enforcement Act was passed in 2006, and the Republicans have been pushing for the Bush administration to issue the rule before leaving office in January.
"No longer will the offshore gambling interests benefit from any turning any computer into a casino that is available every minute of the day," Financial Services ranking member Spencer Bachus said in a statement welcoming the new rule, which he noted was more than one year late. The 2006 law cost Europe's online gambling companies billions in lost market value as they were forced to retreat from one of their most lucrative markets, Reuters reported. Read more in CongressDaily here.
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internet governance
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