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April 18, 2007 |
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| Attempt to overturn UIGEA faces long odds | |||
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United States Representative Barney Frank, D-Mass., said he may introduce a bill aimed at repealing the Unlawful Internet Gambling Enforcement Act (UIGEA), which is set to go into effect this July after it was signed into law last October by President George W. Bush. Frank’s move to repeal UIGEA is likely not a shock to his fellow politicians, considering he called the measure “one of the stupidest things I ever saw” last fall. The law attempts to curtail online by forcing U.S.-based banks, credit card companies and other financial institutions to ban the processing of payments to Web gaming operators. Despite his zeal, Frank admits the chances of any anti-UIGEA bill passing through Congress this year are slim. “I think reconsideration among my colleagues is beginning, but it is not far enough along yet,” Frank told the Financial Times. “If the storm of public unhappiness is great enough then I will try to substantially revise that ban.” Even without a groundswell of support, as chairman of the House Financial Services Committee, Frank could use his influence to block certain aspects of UIGEA, such as lifting the ban on using credit cards to pay for online gaming. It is also believed the banking industry is lobbying behind the scenes to curtail the UIGEA, concerned about the watchdog responsibilities the act puts on financial institutions. —Paul Doocey |
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