Barney Frank Says Online Gambling Bill Due Momentarily
US Representative Barney Frank has twice pushed back the introduction of his highly-anticipated bill to repeal the UIGEA, but Frank says the bill will be brought before Congress next week. The bill proposing regulation of online gambling in the US was first supposed to be released in March, then after Easter, but now seems imminent.
"We'll be introducing it next week and I plan to move on it," Frank told an audience at the Reuters Global Financial Regulation Summit of the measure.
Some observers had speculated that continued financial upheaval would keep Frank and the House Financial Services Committee he chairs too busy to address the Internet gambling issue. A new package including modifications for mortgage laws and a review of predatory credit card company policies are currently before the committee.
But the revenue-producing effects of regulating online poker and Internet casinos keeps the issue topical even during the financial crisis. A PricewaterhouseCooper study said as much as $5 billion annually could be created in US revenues by efficient regulation.
Frank admitted economic crises have kept him tied up, but said the online gambling bill would not be put off again.
