Barney Frank Attempts to Mitigate UIGEA Damage

Frank and Paul, by introducing their new legislation, would prevent banks and credit card companies from being restrained by the unwieldy, confusing, and potentially dangerous UIGEA.

Barney Frank continues to use the tools of reason to assault the poor piece of legislation that is the Unlawful Internet Gambling Enforcement Act. In partnership with Representative Ron Paul, Frank has introduced a bill forbidding the Federal Reserve and the Department of the Treasury from implementing any form of regulation or enforcement of the UIGEA.

On April 2nd, an assortment of groups including the American Bankers' Association, the Credit Union National Association, the Financial Services Roundtable, and representatives from the Fed and the Treasury testified before a Congressional subcommittee that the UIGEA does not adequately define what constitutes illegal online gambling, nor does it allow for any reasonable form of enforcement.

Frank and Paul, by introducing their new legislation, would prevent banks and credit card companies from being restrained by the unwieldy, confusing, and potentially dangerous UIGEA. This would allow Congress time to act on legislation proposed by Frank and Representative Jim McDermott to regulate and tax online gambling.

The current bill would allow financial institutions to act unencumbered by the severe restraints enforcement of the UIGEA would put upon them. Instead, it would be up to lawmakers to either define their terms in a more consistent and understandable matter, and to include provisions for enforcement that are explicit and do not threaten to overstep the desired boundaries, or else enact more sane legislation that would legalize and profit from online casinos, all while better protecting the citizenry.