|In America, the House Committee on Financial Services is set to mark up the proposed HR 5767 legislation today, paving the way for a full vote before the House of Representatives.|
Introduced by Representatives Barney Frank and Ron Paul in April, HR 5767 would prohibit the Department of the Treasury and Federal Reserve System from proposing, prescribing or implementing any regulations related to the current ban on online gambling as required under the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006.
“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,” said Jeffrey Sandman, Spokesperson for the Safe and Secure Internet Gambling Initiative.
“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.”
Frank and Paul introduced HR 5767 following a hearing before the House Committee on Financial Service’s Subcommittee on Domestic and International Monetary Policy, Trade and Technology. In a press release accompanying the proposed legislation’s introduction, the two stated that ‘it was clear at the hearing that the regulations are unworkable for the financial services industry and this bill would, therefore, prohibit their implementation’.
At the hearing, representatives from the US Treasury and the Federal Reserve acknowledged the challenges American financial institutions would face in attempting to comply with UIGEA. Representatives from the Credit Union National Association, Financial Services Roundtable, American Bankers Association and Wells Fargo also gave testimony and spoke about the unnecessary burden they would face due to the ambiguity of UIGEA along with the potential confusion over what may or may not be illegal.