The US Congress ignores online casino issue

While the financial market is being impaired by the crisis the Internet casino issue in the US is still in unsettled condition. Congress is likely to underestimate the potential for economic disruption that can come from online gambling market collapse.

Having successfully passed committee last week the Payment Systems Protection Act, Barney Frank's latest attempt to pull any claws the UIGEA might have, cannot advance any further. No vote is forthcoming on the issue until the new Congress convenes in 2009.

At meantime the Congress’ efforts are focused on addressing the economy slowdown while the bill poses any importance only to the online gambling industry and to voters who would like government to withdraw from interference in their everyday lives. The time left for the current Congress will most probably be spent on the debate over the scope and regulations of a massive bailout of investment banking.

Among the positive results that can be achieved if Frank's bill is passed are these: European trade partners can be appeased, credit companies let off the enforcement hook, tax revenue increased greatly, and American consumers properly protected.