Later today the House Financial Services Committee will hear the case for a new online gambling regulatory regime as proposed by Barney Frank's draft bill, H.R. 2267.
Now graced with a further 6 month window of opportunity thanks to a UIGEA implementation delay granted by Geithner, Bernanke and Co., Frank is wasting no time pushing his new bill. He commented that the delay '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.'
The Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267), now supported by no fewer than 60 co-sponsors, will be discussed in a House Financial Services Committee hearing scheduled for 10am EST Thursday. The hearing will include testimony from IT security experts on the effectiveness of current technology with regard to blocking minors, preventing compulsive gambling, identifying money laundering activity and combating fraud and identity theft.
Michael Waxman from the Safe and Secure Internet Gambling Initiative and a strong proponent of the proposed new law described the purpose of the hearing as,
'to provide further evidence on the ability to effectively regulate Internet gambling and require licensed operators to utilize already-proven technologies to protect consumers...It's expected this hearing will answer any outstanding questions and pave the way for a vote in the committee on Chairman Frank's legislation.'
H.R. 2267 will repeal UIGEA and put in its place a licensing and regulatory regime. While the draft bill was introduced back in May this year, other pressing matters related to the US economic situation put its progress on ice for some time. Now it seems its supporters want to try and get it enacted prior to the new June 1 2010 deadline.
Interesting times indeed!
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