LIVE UPDATES - Hearing on Barney Frank bill

[vinism]

At 2 p.m. ET, the House Financial Services Committee will be holding a hearing an informational hearing onRep. Barney Frank's H.R. 2267 -- Internet Gambling Regulation, Consumer Protection, and Enforcement Act. Frank chairs the committee and will be running the hearing. Today's witnesses are:

• Mr. Ed Williams, President and Chief Executive Officer, Discovery Federal Credit Union on behalf of the Credit Union National Association
• Mr. Tom Malkasian, Vice Chairman and Director of Strategic Planning, Commerce Casino
• The Honorable Lynn Malerba, Tribal Chairwoman, Mohegan Tribe of Connecticut
• Mr. Michael K. Fagan, Law Enforcement/Anti-Terrorism Consultant
• Ms. Annie Duke, professional poker player on behalf of the Poker Players Alliance

There will be note vote held on the bill today. But the Financial Services Committee is expected to vote on the bill soon. I'll be posting live updates of the hearing in this thread as the witnesses testify, so you'll have up-to-the minute information on exactly what's happening in Washington. Keep your fingers crossed. And enjoy.

[Anthony]

Ready for the updates Vin. Fingers crossed!

[vinism]

The hearing hasn't started yet. But when it does, Rep. Spencer Bachus from Alabama will lead the opposition to Frank's bill.

[Anthony]

So the BS will be flowing early!

[arkyt]

The hearing hasn't started yet. But when it does, Rep. Spencer Bachus from Alabama will lead the opposition to Frank's bill.

Is this hearing being aired on TV or online anywhere?

[vinism]

Is this hearing being aired on TV or online anywhere?

If you click on the Webcast link on this page, you should be able to watch. Now if only it would start.....

http://financialservices.house.gov/h...px?newsid=1330

[arkyt]

Yes I just found it, and it keeps returning an internal error ...

[Anthony]

I got it to come up in Windows Media Player. Is that how you are viewing it Vin?

[vinism]

Hearing is just starting now, so try it again arkyt.

[vinism]

Frank waived is opening statement.

[vinism]

Bachus says this bill will fleece Americans by allowing them to gamble online. Says criminal gambling companies have been aggressive in overturning the law at the expense of addiction and families.

[vinism]

Bachus also says it's ironic that after accusing the banking industry of gambling with consumer's money, that the Democrats would open online gambling to every computer, blackberry and iPad.

[vinism]

Bachus also says this is like take taking revenue from online gambling is like taking a cut of revenue from heroin dealers. He also says youth will become addicted to internet gambling.

[vinism]

Rep. Brad Sherman says he has previously opposed Frank's measure but is now considering it for the following reasons: 1. The technology is so strong that there's nothing the government can do to prevent it. 2. Technology can prevent minors from gambling.

Sherman also wants the bill to ensure that companies that continue to violate U.S. law regarding online gambling law not be allowed to offer their services if this is passed.

[vinism]

Rep. Jeb Hensarling says the social costs for doing this are too high. And that a revenue grab is not enough justification to do this.

[vinism]

Rep. Carson likes the consumer protections of the bill.

[vinism]

Rep. Campbell says Americans should be free to gamble if they choose, and deserve consumer protections. He also says online gaming sites can drive economic development and generate revenue.

[vinism]

Bachus is back and reading letters urging for the implementation of the UIGEA. He's used the phrase criminal enterprises at least 3 times today.

[vinism]

Frank just cut Bachus off to say the financial industry is supportive of the Frank bill. Looks like he's tired of Bachus.

[vinism]

Frank says Chamber of Commerce and banking industry supports his bill. Apparently, Grover Norvquist supports Frank's bill too.