Recent moves by the United States Congress may overturn earlier Congress statutes restricting the operation of payment systems used by online gamblers.
UIGEA to go
Recent Congressional hearings in Washington designed to
clarify the impact of the Unlawful Internet Gambling Enforcement Act, or UIGEA,
may actually end up discarding the act altogether. New legislation introduced
by Barney Frank, chairman of the influential Financial Services Committee seeks
to restrict the Federal Reserve Board of Governors and the Treasury secretary
from "... proposing, prescribing or implementing any regulation that
requires the financial services industry to identify and block Internet
gambling transactions."
Good news for online gamblers
Barney Frank's initiative follows a series of criticisms
leveled at the original act by agencies of the US government who were preparing
to shore up and toughen the UIGEA. Frank and his colleague, former presidential
hopeful, Ron Paul, highlighted the unworkable nature of regulating online
gambling payments due to the complexity and intricacy of the Internet
environment. This activity can only mean good news for online gamblers who have
for too long been pawns in the battle by congressional do-gooders seeking to
limit personal financial liberty.
Positive spin
Congressman Frank
is pulling out all the stops in his crusade against the UIGEA by actually
proposing that Congress promotes the legal licensing and regulation of online gambling in the United States. This action would
raise significant tax revenue as well as control what is essentially the desire
of a large proportion of the voting public to spend their personal funds as
they see fit. The Frank-Paul bill would effectively stop any further US
government action on requiring the country's financial institutions to block
online gambling payments.
Saving the Fed's bacon
The new proposals
would rescue the Federal Reserve Bank from the tight spot in which it has been
confined ever since the UIGEA act was instigated. The central bank simply did
not know how to regulate the complex business of online payment systems used by
Internet gamblers. Frank's approach takes the bull by the horns and provides a
solution for all concerned - the US legislature, the Federal Reserve Bank, and
perhaps, most importantly, the army of fans of Internet gambling.
What's your opinion? Would you support the legalization of online gambling in the United States?
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