| Posted by: silcnlayc at June 23, 2008, 3:29 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | House Committee to Vote on Suspending Internet Gambling Ban PRNewsWire News ReleasesPublished: 06/20/08 01:09 PM CDTReleased By: Safe and Secure Internet Gambling Initiative NewsvineCommentCurrent law unduly burdens U.S. financial services institutions WASHINGTON, June 20 /PRNewswire-USNewswire/ -- On June 24, 2008, the House Committee on Financial Services will mark up legislation, H.R. 5767, that would prohibit the Department of the Treasury and Federal Reserve System from proposing, prescribing or implementing any regulations related to the current ban on Internet gambling, as required by the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). "Congress has studied this issue and heard from the financial services community and federal regulators that the current ban on Internet gambling is burdensome and doomed to fail. Now it is time for Congress to change course and find a way to protect the millions of Americans that are continuing to gamble online," said Jeffrey Sandman, spokesperson for the Safe and Secure Internet Gambling Initiative. H.R. 5767 was introduced by Reps. Barney Frank (D-Mass.) and Ron Paul (R-Texas) on April 11, 2008. The introduction followed a hearing entitled, "Proposed UIGEA Regulations: Burden without Benefit?" in the House Committee on Financial Service's Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. Reps. Frank and Paul stated in their press release accompanying the introduction of H.R. 5767, "it was clear at the hearing that the regulations are unworkable for the financial services industry, and this bill would, therefore prohibit their implementation." Cont'd http://markets.chron.com/chron?GUID=...ChannelID=3197 |
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