| Posted by: lots0 at June 24, 2008, 10:37 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | As a player, in the short term, this bill will effect how easily you will be able to deposit and withdraw from online casinos. In the long term, this bill will help to decide if Americans will be able to play at casinos regulated by their own government or if Americans will have to depend on other countries to regulate the casinos they play at or play at unregulated(unsafe/rogue) casinos. As an American, this effects your freedom to decide for yourself how to spend your money. Just my 2 pennies worth... | | Static Link |
| Posted by: chovig at June 24, 2008, 10:23 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | I know almost nothing about this. I am just getting started with online gaming. I know, I know, where have I been? But, as a USA player, how does this impact me? It sounds like I am sorta good to go. Or should I still be worried about tptb? | | Static Link |
| Posted by: lots0 at June 24, 2008, 6:14 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | The bill passes the committee unanimously on a voice vote... Yaza Sounds like there will be follow up hearings tommrow on some admendments to the bill. | | Static Link |
| Posted by: Casinomeister at June 23, 2008, 6:03 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | Like I mentioned in another thread - here are some important links if US players want to contact their representatives: Congressional reps: http://www.casinomeister.com/US_congress.php Here is a list of who is on the committee: http://financialservices.house.gov/members.html
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| Posted by: Mousey at June 23, 2008, 5:30 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Good piece on the vote... Lawmakers to vote on suspending the UIGEA By FreedomAtStake | View all Posts Posted 1 hour, 12 minutes ago 1 comment Things are about to get very interesting on the Hill. Tomorrow, June 24, should see a scheduled vote by the US House Committee on Financial Services regarding H.R. 5767. Specifically, that bill is Barney Frank's legislation to effectively suspend the UIGEA from ever being enforced. So, what does this mean? Well, Democrat Barney Frank sponsored the bill and is also the Chairman of the Committee, so that's a good sign. The bill was co-sponsored by Republican presidential candidate Ron Paul, who also sits on the committee - another good sign. As well, the number of Democrats on the committee outnumbers the Republicans. So, all things considered, one would have to think that this bill has a pretty good chance of passing through this vote. But what then? That's when things get cloudy because ..... | | Static Link |
| Posted by: lots0 at June 23, 2008, 4:57 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Finally some REAL action on the moronic UGIEA.... All I can say is... its about frickin time... I hope the vote will be on CSPAN. Oh ya... as far as Senator Kyle... Lets just hope the good people of Arizona see him for the douch bag he really is and dump him next election. We really don't need anymore politicos like him, politicos need to take their working orders from the public... not dictate to the public and try to force their own 'twisted' set of morals on the people they are susposed to work for. | | Static Link |
| 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... | | Read Entire Entry |
| Posted by: jetset at May 6, 2008, 1:08 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | PPA REMINDS SEN. KYL OF UIGEA IMPERFECTIONS One of the most egregious flaws in the bill is that it does not define "unlawful Internet gambling" clearly Las week's report in the Las Vegas Review-Journal (see previous InfoPowa report) that Senator Jon Kyl was growing impatient with the protracted drafting process on regulations to support the Unlawful Internet Gambling Enforcement Act elicited a tart response this week from the Poker Players Association. The Las Vegas director of the PPA, Ken Illgen minced no words in his letter to the LVRJ editor, saying: "Frankly, the confusion regulators are dealing with as they develop the regulations to enforce the law is a direct result of how this act was written and sneaked into a must-pass port security bill in the dead of night, allowing no time for review and debate." Illgen goes on to point out that one of the most egregious flaws in the bill is that it does not define "unlawful Internet gambling" clearly - something that the legislato... | | Read Entire Entry |
| Posted by: jetset at May 3, 2008, 2:00 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | CARVE-OUTS DON'T HELP HERE Kentucky Derby could be impacted by UIGEA complications U.S. horse racing companies comfortable with their specially exempted online betting status in US legislation have apparently discovered some inconvenient facets of the Unlawful Internet Gambling Enforcement Act which has so effectively reduced competition by offshore firms. The Boston Herald quotes gaming and banking industry experts as saying that horse racing fans looking to place online bets for the 134th Kentucky Derby this weekend may find their transactions blocked by banks and credit card companies trying to avoid running afoul of unclear federal regulations. "Unless the government takes the responsibility of telling the banks which merchants they shouldn’t deal with, and when banks take the position that they are not going to process these transactions without guidance, all heck will break loose," said Tony Cabot, an attorney with the Las Vegas firm Lewis and Roca, which represents the Nevada Pari-Mutuel Ass... | | Read Entire Entry |
| Posted by: jetset at May 1, 2008, 1:10 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | ANTI-UIGEA BILL HAS ALREADY ATTRACTED TEN CO-SPONSORS Introduced on April 10, HR 5767 seeks to stop federal officials from implementing any supporting regulations Introduced to the House by Congressmen Barney Frank and Ron Paul only on April 10, a bill seeking to halt the implementation of the notorious Unlawful Internet Gambling Enforcement Act has already attracted 10 co-sponsors, with more thought about to sign up. HR 5767 targets the Treasury Department and U.S. Federal Reserve, enjoining them from continuing work on the regulations supporting the UIGEA, which have been heavily criticised for a lack of precision, and the impractcalities of enforcement through an already overworked US financial services industry. Frank and Paul introduced the bill after a hearing conducted by the House Financial Services Subcommittee on Domestic and International Monetary Policy, Trade, and Technology that showed the weaknesses of and problems with the UIGEA (see previous InfoPowa reports). The following congressmen have ... | | Read Entire Entry |
| Posted by: jetset at May 1, 2008, 1:08 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | THE IMPATIENT POLITICIAN Passing an online gambling ban is one thing...implementing it is quite another Online gambling's arch enemy, Senator Jon Kyl of Arizona, appears to have little regard for the practical difficulties surrounding the implementation of his Unlawful Internet Gambling Enforcement Act, judging by reported comments he made this week. The UIGEA, tacked onto a totally unrelated security bill, was passed in a late night, pre-recess session of Congress in October 2006, with a requirement that federal bureaucrats draft supporting regulations within 270 days. Despite causing costly withdrawals from the US market by online gambling companies, UIGEA remains unsupported by the essential regulations, which officials are struggling to draft. The financial industry which will be required to do government's job in enforcing the regulations has been highly critical of the impractical and vague proposals offered thus far, and the project has gone significantly over the Congressional deadline. This week the... | | Read Entire Entry |
| Posted by: jetset at April 23, 2008, 9:19 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | ANTI-UIGEA CONGRESSMEN KEEP UP THE PRESSURE Letter sent to senior government officials asks for a freeze on regulations House Financial Services Committee chairman Barney Frank and other anti-UIGEA politicians kept up the pressure on federal officials this week following the introduction of their bill HR 5767, which seeks to prohibit the Treasury Department and Federal Reserve from proposing, prescribing or implementing any regulations related to UIGEA. Several influential members of Congress joined Frank in a letter calling on the Treasury Department and Federal Reserve to halt the implementation of regulations related to the ban on Internet gambling, as required by the Unlawful Internet Gambling Enforcement Act (UIGEA). "Given the many other priorities that are pending at your agencies...we believe it would be imprudent for you to devote additional agency resources to this Sisyphean task," wrote Reps. Frank, Luis V. Gutierrez (D-Ill.), Ron Paul (R-Texas) and Peter King (R-N.Y.) in letters to Trea... | | Read Entire Entry |
| Posted by: bagofmaggots at April 16, 2008, 7:05 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | It sounds like a great idea...but I don't think it will get any serious attention from congress. Barney Frank and Ron Paul are are the sponsors. Neither are taken seriously. I'm tempted to say a fruit and a nut...but I won't | | Static Link |
| Posted by: silcnlayc at April 15, 2008, 8:57 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Hope this hasn't been posted already... Quote: Congress moves to suspend internet gambling ban WASHINGTON, DC -- (PRESS RELEASE) -- The Safe and Secure Internet Gambling Initiative (SSIGI) announced its support for new 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). The bill was introduced yesterday by Reps. Barney Frank (D-Mass.) and Ron Paul (R-Texas). "The Frank-Paul bill would stop the U.S. government from taking any further steps on regulations that would require all of the country's financial institutions to block Internet Gambling payments," said SSIGI spokesman Jeff Sandman. "It's a bold move, but a necessary one, in light of the warnings from the Treasury and Federal Reserve that they did not know how to write regulations to solve the problems cre... | | Read Entire Entry |
| Posted by: winbig at April 15, 2008, 3:11 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by Mousey Don't you love it? A bill that makes no sense, has the logic of something written by a roomful of monkeys, was rammed thru in the midnight hours, tacked on to an essential port security bill .... grrrrr Yep...not everyone knows that it was a leaflet attached to that bill though.... Maybe the likes of CNN or someone needs to get this otherwise well known fact out to the public more. We know FOX won't spill the beans. | | Static Link |
| Posted by: Mousey at April 15, 2008, 3:03 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: “It’s another attempt to take apart a bill that was passed overwhelmingly by the House,” said Tom McClusky, the vice president for government affairs at the Family Research Council Don't you love it? A bill that makes no sense, has the logic of something written by a roomful of monkeys, was rammed thru in the midnight hours, tacked on to an essential port security bill .... grrrrr | | Static Link |
| Posted by: jetset at April 15, 2008, 9:36 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | BANKERS APPLAUD ATTACK ON UIGEA (Update) "We certainly appreciate the interest," says banking association The Washington DC publication The Hill reports that the banking industry is cheering the fresh assault on the UIGEA (see previous InfoPowa report) mounted by House Financial Services committee chairman Barney Frank (D-Mass.) and Congressman and presidential aspirant Ron Paul (R-Texas). Congressman Frank has teamed up with the libertarian-minded Paul, who crusaded against big government during his recent White House bid, on legislation to block the contentious 2006 legislation by forbidding federal officials from writing rules to implement it. Those officials have already admitted that the regulations supporting the UIGEA are proving difficult to draft, with strong opposition from the financial industry that is required to act as policeman for the federal government. “I don’t know what can be done or will be done legislatively, but we certainly appreciate the interest,” said the top lobbyist for... | | Read Entire Entry |
| Posted by: Mousey at April 15, 2008, 12:04 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by GrandMaster You know that he is gay. I love him anyway -- even if he is 'happy'. I wouldn't give a rat's behind if he were Obama and Hillary's love child... He seems to be one of the few in Congress that has a little common sense. | | Static Link |
| Posted by: stepfordwife at April 14, 2008, 10:57 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by jetset FRANK LAUNCHES NEW ATTACK ON ANTI-ONLINE GAMBLING REGS New bill seeks to stop implementation of unworkable UIGEA regs in its tracks Following the recent Congressional hearings in Washington on the Unlawful Internet Gambling Enforcement Act, few can doubt that government agencies and the financial services industry required to police it have a monumental task in thinking up practical ways to implement a flawed law passed by Congress in 2006. This week that task may have been made tougher by new legislation - H.R.5767 - introduced by influential Financial Services Committee chairman Barney Frank and presidential aspirant Ron Paul. According to a statement from Frank and Paul, HR 5767 introduced this week seeks to prohibit the Federal Reserve Board of Governors and the Treasury secretary from "proposing, prescribing, or implementing any regulation that requires the financial services industry to identify and block Internet gambling transactions." If approved, the Bil... | | Read Entire Entry |
| Posted by: Mousey at April 14, 2008, 5:07 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by Stanford That is certainly good news. But even if the proposed Regs survive, does this pretty well mean that routes to play can be opened. I could see a foreign bank and then a Neteller type account through the foreign bank. All transactions to the US would be bank to bank. All transactions to the Web Wallet would be via the foreign bank account. Under the proposed Regs, I don't see a problem with that arrangement. The only problem I see is we need a replacement for Neteller like we had a replacement for Paypal. Will it be time to come back soon? Any thoughts from anyone? Stanford. Correct me if I'm wrong, but the charges and crap against NETeller 2 had nothing to do w/UIGEA but the old law in the books against sportsbetting. (You know, the one that keeps getting resurrected everytime the feds want to shut down a casino/sportsbook. And they scream online gambling is illegal.) JMO, but I think it would also have helped NETeller if they had supported other types of online transactio... | | Read Entire Entry |
| Posted by: coosemaker at April 14, 2008, 4:54 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Good news indeed. I for one,am sick of being treated like a little kid. Can't do this,that..etc. Can't wait to have a real bet on English horse racing,football(soocer) Looking on the bright side. Since Bush brought in this pathetic gambling law. Lots of $$$ we have saved because of it! | | Static Link |
| Posted by: Stanford at April 12, 2008, 8:19 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by jetset FRANK LAUNCHES NEW ATTACK ON ANTI-ONLINE GAMBLING REGS New bill seeks to stop implementation of unworkable UIGEA regs in its tracks Following the recent Congressional hearings in Washington on the Unlawful Internet Gambling Enforcement Act, few can doubt that government agencies and the financial services industry required to police it have a monumental task in thinking up practical ways to implement a flawed law passed by Congress in 2006. This week that task may have been made tougher by new legislation - H.R.5767 - introduced by influential Financial Services Committee chairman Barney Frank and presidential aspirant Ron Paul. That is certainly good news. But even if the proposed Regs survive, does this pretty well mean that routes to play can be opened. I could see a foreign bank and then a Neteller type account through the foreign bank. All transactions to the US would be bank to bank. All transactions to the Web Wallet would be via the foreign bank account. Under the p... | | Read Entire Entry |
| Posted by: jetset at April 12, 2008, 9:31 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | FRANK LAUNCHES NEW ATTACK ON ANTI-ONLINE GAMBLING REGS New bill seeks to stop implementation of unworkable UIGEA regs in its tracks Following the recent Congressional hearings in Washington on the Unlawful Internet Gambling Enforcement Act, few can doubt that government agencies and the financial services industry required to police it have a monumental task in thinking up practical ways to implement a flawed law passed by Congress in 2006. This week that task may have been made tougher by new legislation - H.R.5767 - introduced by influential Financial Services Committee chairman Barney Frank and presidential aspirant Ron Paul. According to a statement from Frank and Paul, HR 5767 introduced this week seeks to prohibit the Federal Reserve Board of Governors and the Treasury secretary from "proposing, prescribing, or implementing any regulation that requires the financial services industry to identify and block Internet gambling transactions." If approved, the Bill will effectively curtail the furt... | | Read Entire Entry |
| Posted by: jetset at March 30, 2008, 9:31 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | UIGEA HEARINGS (Update) Congressman Gutierrez will chair April 2 review April 2nd's Congressional hearing on the practical implementation of the Unlawful Internet Gambling Act (UIGEA) will be conducted by the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology under the chairmanship of Democrat Congressman Luis Gutierrez. The hearing, titled "Proposed UIGEA Regulations: Burden Without Benefit?" will be held in the Rayburn House Office Building in Washington DC commencing at 10 am. The hearing is regarded as being of critical importance by many industry observers, because it facilitates a thorough debate on a highly controversial piece of legislation that was pushed through Congress in late 2006 under questionable circumstances. This denied many of the voting politicians at the time the opportunity to read and understand its full implications, particularly for the financial institutes required to enforce the provisions against online gambling transactions. Nevertheless,... | | Read Entire Entry |
| Posted by: NASHVEGAS at March 29, 2008, 1:26 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by RobWin Any idea when they are going to be making a decision on this one ?? Rob, maybe reading in between the lines of this article may assist in addressing your concerns. Of course The FED and CONGRESS (Barney) might give the UIGEA issue priority.,not!! Bush Seeks Financial Regulation Overhaul SOURCE:AP via AOL.COM NEWS Posted: 2008-03-29 03:29:36 WASHINGTON (AP) - The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation's financial services industry from banks and securities firms to mortgage brokers and insurance companies. The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press. The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system. The proposal, which will be outlin... | | Read Entire Entry |
| Posted by: jetset at March 29, 2008, 9:26 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | UIGEA - A BURDEN WITHOUT BENEFIT Competitive Enterprise Institute critical of attempt to use financial institutions to cripple online gambling The Competitive Enterprise Institute in the United States has come out strongly against the use of financial institutions to cripple online gambling in the country following a study of the Unlawful Internet Gambling Enforcement Act. The act remains mired in a lack of clear regulations following widespread criticism of its impractcality. Following a study of the implications of requiring the US financial industry to police unclear government enforcement policy on Internet gambling, the Institute claimed this week that the current laws have had damaging if unintended consequences far beyond their original target. The report explains that the Unlawful Internet Gambling Enforcement Act (UIGEA), passed in October of 2006, has little to do with gambling itself, but is actually a wide-ranging regulatory mandate on banks, credit unions, credit card companies, wire transfer se... | | Read Entire Entry |
| Posted by: RobWin at March 28, 2008, 8:50 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by NASHVEGAS Your question opens a million other issues,lol......of course how we even got to this is beyond me but nevertheless that is another issue and in the past.....general consensus is without Fed intervention of buying this paper, a complete financial collapse is possible, I guess there is rational to Fed intervention in this situation and if artificial props (no opinion either way here) are a good thing then I hope The Fed does it in the next five minutes!!! Hell yea...you and me both !!! | | Static Link |
| Posted by: NASHVEGAS at March 28, 2008, 8:29 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by RobWin Any idea when they are going to be making a decision on this one ?? Your question opens a million other issues,lol......of course how we even got to this is beyond me but nevertheless that is another issue and in the past.....general consensus is without Fed intervention of buying this paper, a complete financial collapse is possible, I guess there is rational to Fed intervention in this situation and if artificial props (no opinion either way here) are a good thing then I hope The Fed does it in the next five minutes!!! | | Static Link |
| Posted by: RobWin at March 28, 2008, 8:14 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by NASHVEGAS And Vincent Reinhart, the Fed's former chief monetary economist, told Bloomberg that the Fed is inching closer to buying up those beaten-down mortgage-backed securities. Are any of these suggestions likely to happen? Today's move by the Fed, using a little-used Depression-era provision of the Federal Reserve Act, makes previously unlikely actions seem far more possible.[/b] Any idea when they are going to be making a decision on this one ?? | | Static Link |
| Posted by: NASHVEGAS at March 27, 2008, 4:57 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Quote: Originally Posted by Mousey Christian Science Monitor call for tougher online gambling laws. from the March 25, 2008 edition Don't fold on Internet gambling ban A 2006 US law has cut Web-based betting. If anything, the law needs to be toughened. Last year, the percentage of American college students who gamble online fell to 1.5 percent from 5.8 percent the year before. The reason? A 2006 federal law restricting Internet gambling. Now some in Congress who want to tax this type of addictive betting plan to roll back that progress. Rep. Barney Frank (D) of Massachusetts is expected to hold congressional hearings next month to explore overturning the 2006 Unlawful Internet Gambling Enforcement Act and replace it with legalized online betting, which in turn could generate taxes and fees to the tune of billions of dollars. His bill to legalize online gambling has so far found more than 40 cosponsors. Not included in the cost of this revenue stream, of course, would be the social price paid from .... Mousey... | | Read Entire Entry |
| Posted by: Mousey at March 27, 2008, 3:36 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | Christian Science Monitor call for tougher online gambling laws. from the March 25, 2008 edition Don't fold on Internet gambling ban A 2006 US law has cut Web-based betting. If anything, the law needs to be toughened. Last year, the percentage of American college students who gamble online fell to 1.5 percent from 5.8 percent the year before. The reason? A 2006 federal law restricting Internet gambling. Now some in Congress who want to tax this type of addictive betting plan to roll back that progress. Rep. Barney Frank (D) of Massachusetts is expected to hold congressional hearings next month to explore overturning the 2006 Unlawful Internet Gambling Enforcement Act and replace it with legalized online betting, which in turn could generate taxes and fees to the tune of billions of dollars. His bill to legalize online gambling has so far found more than 40 cosponsors. Not included in the cost of this revenue stream, of course, would be the social price paid from .... | | Static Link |
| Posted by: jetset at March 14, 2008, 5:25 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | PLENTY OF U.S. POLITICAL ACTION AHEAD Las Vegas Review-Journal summarises attempts to bring online gambling into the light The Las Vegas Review-Journal has published a useful article on US legislative moves aimed at easing the ban on internet gambling, starting with plans next month for a House of Representatives panel to review regulations proposed by the Department of Treasury to enforce UIGEA (see previous InfoPowa reports). The hearing by the House Financial Services Committee could occur as early as April 2, the Journal reveals, commenting that the draft regulations published October 4 have been the subject of over 200 submissions from interested parties. Many of the comments question whether the regulations would be effective. The Journal quotes Congressman Barney Frank, chairman of the committee, who said: "The hearing is going to show - I want to show - that it's not that the regulations weren't done well. It's that they can't be done well given the inherent nature of the issue." About 23 m... | | Read Entire Entry |
| Posted by: jetset at March 11, 2008, 9:32 am | | Topic: UIGEA regulations proposed Forum: Casino Meister | | UIGEA UNDER INVESTIGATION BY E.U. European trade bloc acts on complaints regarding US online gambling laws Online gambling companies in the 27 nation European Union trade alliance had the satisfaction this week of seeing their calls for an investigation into US online gambling legislation answered. The EU launched an investigation into possible infringment of world trade rules. The compliance arm of the Union, the European Commission, said it would look into the complaints over the next five to seven months. The investigation could result in the EU filing a complaint at the World Trade Organisation in the latest international tussle over a growing business worth more than US$15.5 billion a year, reports Reuters. "The U.S. has the right to address legitimate public policy concerns relating to Internet gambling, but discrimination against EU companies cannot be part of the policy mix," said EU Trade Commissioner Peter Mandelson. He said he hoped the issue could be resolved amicably. Mandelson held ta... | | Read Entire Entry |
| Posted by: silcnlayc at March 6, 2008, 4:58 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | New Internet Gambling Legislation Would Collect Billions in New Revenue WASHINGTON, March 5 /PRNewswire-USNewswire/ -- Congressman Jim McDermott (D-WA) introduced yesterday the Internet Gambling Regulation and Tax Enforcement Act of 2008 that would ensure that taxes are collected on regulated Internet gambling activities. These revenues are estimated between $8.7 billion and $42.8 billion over ten years, according to a recent tax revenue analysis prepared by PricewaterhouseCoopers. "To be clear, these are not mostly new taxes -- the bulk of the revenues generated would come from taxes required under existing law," said Representative McDermott in a letter circulated last year to all members of Congress. "This is simply a framework to collect taxes on existing activity that is currently unregulated, unsupervised, and underground." The legislation strengthens provisions in an earlier version of the bill introduced last year, and includes an enhanced reporting mechanism under which licensed ... | | Read Entire Entry |
| Posted by: jetset at March 6, 2008, 3:28 pm | | Topic: UIGEA regulations proposed Forum: Casino Meister | | MORE CONGRESSIONAL HEARINGS ON ONLINE GAMBLING PLANNED Barney Franks gearing up for another debate The Washington news medium Politico reports that House Financial Services Committee Chairman Barney Frank (D-Mass.), will use a hearing this spring to highlight the headaches he says UIGEA anti-online gambling regulations have created for banks and other financial institutions. At the end of 2007, and way over their original 270 day deadline, the US Treasury and Federal Reserve published draft proposals of regulations giving teeth to the Unlawful Internet Gambling Enforcement Act which passed in late 2006. The regulations have met with widespread criticism, mainly that the law, which seeks to strangle financial transactions with online gambling companies, would place onerous requirements on the financial institutions that oversee the flow of money - a point Frank hopes his hearing will drive home. “The banks have a lot of other things to worry about right now,” Frank said, citing the ever-expanding mortgage cri... | | Read Entire Entry |
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