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Congressman Frank Pushing For UIGEA Repeal

March 10, 2009 - Congressman Frank Pushing For UIGEA Repeal

During a press conference late last week. Massachusetts Democrat, Congressman Barney Frank, who chairs the House Financial Services Committee, announced that he intends to attempt to repeal the three-year-old U.S. ban on Internet gambling financial transactions. "I'm going to be pushing it" Frank told reporters.

Frank's attack on the controversial Unlawful Internet Gambling Enforcement Act 2006 will probably commence in mid-March 2009 with work on drafting the legislation to be completed soon.

The three-year-old Unlawful Internet Gambling Enforcement Act which has made accepting payments in connection with illegal online gambling, including payments made through electronic fund transfers, checks and credit cards illegal, has been instrumental in online casino gambling providers based in Europe losing billions after they withdrew from the American Market.

The ban was originally passed by a Republican-controlled Congress as it was felt that offshore online gambling websites were taking billions of dollars out of the US economy. However, those supporting the lifting of UIGEA have estimated that the Federal Government could raise almost fifty two billion dollars in revenues over the next decade if they would proceed to regulate and tax Internet banking.

At present a European Commission is investigating the fact that the U.S. Justice Department has singled out European online gambling companies such as PartyGaming, Sportingbet and 888.com for prosecution while at the same time allowing similar U.S. companies to operate freely through the Internet. Once the results of the European Commission investigation are released it could result in further action being taken against the United States at the World Trade Organization.

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