Here's what has happened so far:
An amendment to H.R. 5767, which would prevent UIGEA regulations from being implemented, was proposed this morning. Essentially, this amendment would serve as a substitute for the original bill. The amendment, like the original bill, proposes that the Treasury Department and Federal Reserve be prohibited from developing and implementing regulations to enforce the UIGEA. The amendment also adds language requiring the Treasury Department, Federal Reserve and Department of Justice to sit down together and determine what exactly constitutes unlawful Internet gambling.
There was some vigorous (and entertaining -- thank you Chairman Frank) debate over the amendment, before the the House Financial Services Committee voted to support it. The committee will vote at 4 p.m. on whether to report the bill to the full House of Representatives.
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