Barney Sings 'Derailing the UIGEA'

Published October 8, 2008 by OCR Editor

Barney Sings 'Derailing the UIGEA'

What exactly is illegal according to the UIGEA outlines? Chairman Barney Frank aims to find out with his new Payments System Protection Act.

House Committee on Financial Services Chairman Barney Frank has initiated a new act in congress this month which aims to push federal authorities to define more precisely what is illegal versus non-illegal within the UIGEA boundaries.

Named the "Payments System Protection Act," not only will definitions be exposed, but support for regulation of the online gambling industry will be made. In conjunction with the Department of Treasure and Federal Reserve System, the Attorney General will create a "formal process" which will help US financial institutions wade through the muck that the UIGEA bill thrust upon them.

Frank wants a dedicated Administrative Law Judge appointed to define and conduct an economic impact study to see if the costs of getting the gambling industries up to compliance is actually worth it or not.

The Safe and Secure Internet Gambling Initiative Group (SSIGI) stands strongly behind the bill. "Chairman Frank is doing the right thing by saying it is unfair to burden U.S. financial service companies with the job of Internet gambling police at a time when their undivided attention ought to be on the economy," said Jeffrey Sandman, a spokesperson for the SSIGI.

Also mentioning that, "Hijacking the financial payment system at a time when it is under major stress and giving them the job of carrying out an unclear mandate doesn't make sense..."

Congressman Frank also has other legislation pending with his "Internet Gambling Regulation and Enforcement Act" begun in 2007, named the H.R.2046 Bill, which mainly aims to protect consumers with safeguards against compulsive and destructive gambling, underage players, money laundering, fraud and the biggie of identity theft.

 

See also

California iGaming Takes Punch with lipay Nation of Santa Ysabel Ruling

Barney Frank Talks Poker on Jay Leno

In Favor of UIGEA

Obama Keeps Poker Face on UIGEA

UIGEA Says Place Your Bets But...


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