Barney Files lift on Ban Thursday

[Ziggy]

Nice to see Barney Frank is following through - at least it is making people aware.

Source:
http://news.yahoo.com/s/nm/20070425/...izNwG1x6Ya.3QA

Democrat says expect online gambling bill Thursday 1 hour, 1 minute ago


WASHINGTON (Reuters) - House Financial Services Committee Chairman Barney Frank (news, bio, voting record) on Wednesday said he will introduce a bill this week to lift a ban on online gambling.

"Why anyone thinks it is any of my business why some adult wants to gamble is absolutely beyond me," Frank told a community bankers group conference.

Frank, a Massachusetts Democrat, said he will introduce the legislation on Thursday.

Internet gambling in the United States was effectively banned last October when President George W. Bush signed legislation outlawing gaming financial transactions.

The ban irked some in the European Union, which is home to online gambling companies that were forced to withdraw from the United States.

[Dominique]

The ban irked some in the European Union

No kidding!

[The Buzz]

Well done Ziggy! The Buzz was just about to post this.

You're going to put the Buzz out of work! Thankfully, the real reporters will always have plenty of digging to do ... keep your ear to the ground, and thanks for the swift report!

[mojo]

Update:

Frank is expected to outline details of the bill at a press conference at 10 a.m. (1400 GMT) on Thursday, a spokesman said.

http://investing.reuters.co.uk/news/...T-UPDATE-1.XML



Mojo

[matted]

If nothing else, I hope this bill gets some press...

[ogpaper]

Let's see what the bill reads first, before we get too happy..

[mojo]

Looks like taxation will be included.

Friedman Billings Ramsey, an investment firm, wrote in a strategy memo that the Frank bill could raise more than $20 billion over five years.

The bill is expected to call for the Internet gambling industry to be taxed through a structured system.

http://thehill.com/leading-the-news/...007-04-25.html


Mojo

[Doolally]

Looks like taxation will be included.

If the bad ever does get overturned or modified, you can be sure of that and lots of it!

[24hpoker]

Fingers crossed on this one.

[Ziggy]

Looks like taxation will be included.

You have to love America. Why do you think businesses incorporate? They find numerous way NOT to pay them. (Not that I condone corporations to find legals ways to save there money - 'ahem).

Your attention, please. Please form a neat, single line at this poll on incorporation here:
https://www.gpwa.org/forum/us-incorporation-170724.html

[Dominique]

The bill:


http://www.house.gov/apps/list/press...04_xml_(2).pdf

[GPWA Aaron]

I got to talk to Congressman Frank this morning. One of the perks of working in his district! He's pretty gung ho about the bill, which is much bigger than a flat-out repeal of the UIGEA.

Frank introduces bill to regulate Internet gambling in U.S.
April 26, 2007
by Aaron Todd

U.S. Rep. Barney Frank (D-Mass.) introduced a bill on Thursday morning that would license Internet gambling companies and regulate the industry, allowing Americans to place bets online.

The Internet Gambling Regulation and Enforcement Act would establish a regulatory and enforcement framework to license companies and accept bets from people in the U.S., so long as they follow state regulations.

The Unlawful Internet Gambling Enforcement Act, which was signed in October last year, prohibits financial institutions from allowing U.S. citizens to make transactions to and from Internet gambling businesses.

Frank, who serves as chairman of the House Financial Services Committee, has long been an opponent of legislation that limits the ability of Americans to gamble on the Internet.

"I think it's one of the worst laws we've ever passed," said Frank in an interview with Casino City. "I think a lot of people (in Congress) are starting to have second thoughts."

Frank's plan calls for regulated companies to ensure gamblers are at least 18 years of age and in a jurisdiction that allows betting. Licensees would also need to demonstrate that they could combat fraud, money laundering and compulsive gambling, and ensure that all taxes and fees would be paid.

The bill would allow states and Indian tribes to control gambling activities within their borders, and sports leagues would be able to opt-out of allowing bets on their contests.

"Congressman Frank's bill is a common sense approach to Internet gaming," said former Senator Alfonse D'Amato, the Chairman of the Poker Players Alliance, in a statement. "Licensing and regulation will allow us sort out the most responsible sites who are good corporate citizens from those engaged in unscrupulous activities and practices. This legislation creates good public policy that establishes real safeguards that protect minors and problem gamblers while allowing the majority of adults to enjoy poker and other games online."

Frank noted that he has been in contact with D'Amato and the PPA, whose membership has grown to over 425,000. He said that the organization could have a tremendous impact, "if the membership was active in getting touch with their representatives in Congress."

While exact dates are still to be determined, Frank believes the bill will receive a hearing in June or July.

The UIGEA passed in the final hours of the 110th Congress as an attachment to a Safe Ports Act. Frank said it was too early to comment on whether he would resort to a similar strategy.