[bigboydan]

US Internet Gambling Reform Bill In Danger

A proposed Congressional Bill designed to reform online gambling in the United States could be in danger of becoming reality due to supplementary legislation that promises a billion-dollar bonus for affordable housing.

Massachusetts Democrat Barney Frank introduced HB-2046, the Internet Gambling Regulation and Enforcement Act, in April and Congressional hearings on the feasibility of the Bill were held in June.


It seeks to reverse the Unlawful Internet Gambling Enforcement Act (UIGEA) that Congress passed in October to ban Internet gambling in the United States by prohibiting American banks and credit card companies from processing payments to and from online gambling sites.


Frank’s Bill would create a framework for the Government to legalize, license, regulate and tax Internet gambling while also installing safeguards to prevent underage and compulsive gambling as well as money laundering and fraud.


Frank, a member of the US House of Representatives and Chairman of the House Financial Services Committee, has recently been an advocate for stopping home foreclosures, which are at an all-time high in America, and a clause recently added to his planned legislation would see one billion dollars placed into a fund to build affordable housing.


The money would be partially funded by profits from the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Association (FNMA) and would go directly to local communities in order to construct 1.5 million homes over the next decade. These bodies are Government-sponsored but privately-owned enterprises endorsed by the Government to authorize loans and loan guarantees.


Hearings on the proposed legislation are scheduled to begin on July 12 with many Republicans in Congress stating that they will vote down the proposal. Although Democrats now outnumber Republicans in the lawmaking body, a situation that was not the case when UIGEA was passed, this additional legislation has angered many in Frank’s own party and made the prospect of the Bill passing increasingly doubtful.

[brismi]

youve got to be kidding me

[ShamsWoof10]

Minor detail to make it appear to the public as if they are actually trying... His party didn't just find out about it this morning or on SBR so this angered stuff is media wha hoo.. They've known and so has USA Today... I like how it's called the internet gambling "regulation"... Why not be totally obvious about it and use the word "taxation"... This is what they wanted all along but they are using this avenue to introduce it because if they would have introduced it before they took it from us we might have been pissed now we'll welcome it as long as we get gambling back...

[jjgold]

No way they overturn it, all talk to boost up some gambling stocks

[tblues2005]

jjold,

At least until the next President is on office, but now with all these countries going after the USA maybe they will wake up and realize what's going on here and then regulate it then, but that will be after Bush is out though.

[WileOut]

Originally Posted by ShamsWoof10

now we'll welcome it as long as we get gambling back...

It never left.

[isetcap]

Let's hope this "reform" legislation goes away and never comes back.

[ShamsWoof10]

Originally Posted by WileOut

It never left.

In reality no i agree but the impression is it is gone... Read these posts and you would think it is... If it is NOT gone then there would be no reason to discuss this... This is pyscologically speaking anyway because in reality as you said it never left...

[ShamsWoof10]

Originally Posted by jjgold

No way they overturn it, all talk to boost up some gambling stocks

The talk may be for the stocks but Frank didn't just talk he is introducing a Bill... This Bill has been in the works for a little while now so to draft a bill to push stock prices higher..? eehhh I don't think so JJ's...

[SBR_John]

No way it gets tacked on. Just won't happen.

[JeffreyS]

This is incorrect. There is no correlation between the Internet Gambling Regulation and Enforcement Act, which would regulate Internet gambling, and the National Affordable Housing Trust Fund Act, which would raise money for an affordable housing trust fund.

The following is a link to the House Committee on Financial Service’s website: http://financialservices.house.gov. Here you will find information on a hearing to discuss the National Affordable Housing Trust Fund Act, which is scheduled for July 12th. As shown, there is no reference or connection between this bill and efforts to tax and regulate Internet gambling.

The reality is that there is growing support in congress for the Internet Gambling Regulation and Enforcement Act and the framework proposed by Congressman Frank to regulate Internet gambling.

To voice your support for regulated Internet gambling and the Internet Gambling Regulation and Enforcement Act, please visit www.safeandsecureig.org.

[isetcap]

Originally Posted by JeffreyS

To voice your support for regulated Internet gambling and the Internet Gambling Regulation and Enforcement Act, please visit www.safeandsecureig.org.

Where can I go to voice my non-support of this horrible piece of legislation Frank is touting like a carnival master?

[MonkeyF0cker]

Originally Posted by isetcap

Where can I go to voice my non-support of this horrible piece of legislation Frank is touting like a carnival master?

So you prefer the uncertainty of books losing their processors and creating huge withdrawal backlogs? Or do you enjoy trying to find inconvenient ways to fund your account? Or the fact that we are unable fund a Pinnacle account? I would hope none of the above. I'm hoping that you're simply misinterpreting the proposed legislation...

[jjgold]

We will have to see but this bill will never get voted on, Frank got his pockets stuffed with some offshore guys so he has to try and push.

[isetcap]

Originally Posted by MonkeyF0cker

So you prefer the uncertainty of books losing their processors and creating huge withdrawal backlogs? Or do you enjoy trying to find inconvenient ways to fund your account? Or the fact that we are unable fund a Pinnacle account? I would hope none of the above. I'm hoping that you're simply misinterpreting the proposed legislation...

I absolutely prefer all of those things versus an environment where the US government controls, polices, and taxes every aspect of the online gambling industry. The truth of the matter is that the wagers are taking place outside of US jurisdiction and that is EXACTLY how I want the industry to remain.

[Dark Horse]

No sooner do the Dems have a majority or we hear sudden concerns about Microsoft intellectual property? Why didn't they address this issue before the new gambling law, you know the very last law that was passed (sort of) before the election that gave the Dems the majority?

Microsoft's contributions for the 2004 election: 62% to Dems and 37% to Republicans.

http://www.opensecrets.org/bigpictur...asp?cycle=2004

Follow the money.