Rep. Frank Spearheads Internet Gambling Regulation for $42 Billion Revenue

Rep. Frank Spearheads Internet Gambling Regulation for $42 Billion Revenue
Description: HollywoodPoker supports Barney Frank for Internet Gambling Regulation, Consumer Protection and Enforcement Act

Online PR News – 11-January-2010 – – On December 3, the House Financial Services Committee discussed the passage of Internet Gambling Regulation, Consumer Protection and Enforcement Act (HR 2267), a legislation geared towards overriding the Unlawful Internet Gambling Act (UIGEA) spearheaded by Chairman Barney Frank (D-MA).

Top experts in the fields of online security and consumer safety described how current systems and technologies have proven effective and successful in preventing compulsive gambling, minors from gambling online, and protecting consumers against fraud, identity theft, and money laundering.

The Joint Committee on Taxation, on the other hand, projects up to $42 billion worth of 10-year revenue from the Internet Gambling Regulation and Tax Enforcement Act introduced by Rep. Jim McDermott (D-WA). This bill can reach that amount provided that collection of license fees and applicable individual and corporate taxes from operators are ensured.

Federal Reserve and Department of the Treasury granted the 6-month extension to the compliance date of UIGEA pushing it to June 1, 2010. The delay, Rep. Frank stated, “...will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush Administration and to undo this ill-advised law.” He seeks for the enactment of his bill prior June 1, 2010.

Michael Waxman, spokesperson of the Safe and Secure Internet Gambling Initiative said that it's simply common sense “to replace [UIGEA] with a framework that regulates a thriving underground marketplace to protect consumers and collect billions in otherwise lost revenue.” This framework aims to permit licensed gambling operators to accept wagers from individuals in the US. The legislation also upholds the rights of each state to determine whether or not to allow Internet gambling within the state and apply deemed necessary restrictions.

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