Barney Frank

On Wednesday U.S. House Financial Services Committee Chairman Barney Frank introduced his online gambling draft bill which purports to throw down a 3-year-old ban on Americans placing online bets. The new legislation known as the Internet Gambling Regulation Consumer Protection & Enforcement Act would establish a federal regulatory and enforcement framework for online gaming.

As reported by USA Online Casinos block of payment transactions under UIGEA to online casinos continues to affect them in unpredictable, unpremeditated manner. The newest case is that UIGEA harmed Canadian lotteries, which are caught up in overly cautious measures by financial companies poorly suited to determine what constitutes illegal online gambling.

On Tuesday U.S. Representative Barney Frank, chairman of the House of Representatives Financial Services Committee, stated that next week he will introduce a bill to overthrow an infamous and long pestered U.S. ban on online gambling. According to Frank the bill aimed at overturning the law which was imposed during the Bush reign and which hurt U.S. trading ties with Europe is being drafted this week.

4.4 million jobs have been lost already since the beginning of the recession, with 651,000 jobs lost only last month. Above mentioned facts come to 12.5 million Americans currently being out of work. Moreover, state budget originally collected through taxes from revenues, which are in turn collected as a result of consumer spending, is getting even weaker, consequently effecting unemployment benefits, food stamps and healthcare of those without work or insurance. 

Barney Frank is getting ready to propose anti-Unlawful Internet Gambling Enforcement Act (UIGEA) passed in 2006 next month.

Frank has been opposing this act ever since it was passed. Frank’s vocal opposition to the UIGEA was reinforced recently. In one of the interviews and conferences as a new Chairman of the House Financial Services Committee, Frank told that he planned to propose an online gaming legislation making online poker games legal.