As Sunshine Slots has reported, there was a hearing yesterday by Barney Frank to seek testimony from experts in the field of online security and safety as it pertains to online casino Gambling. Rep. Barney Frank has introduced new legislation that would repeal the UIGEA Act of 2006 wherein all internet gambling was banned.
At yesterday’s hearing, Mr. Frank made this most truthful statement and one in which we wholeheartedly concur. “"The notion that this Congress should tell millions of adult Americans that we know better than they what they should do with their own money on their own time on their own computer seems to me to be a very grave error." Moreover, Mr. Frank, Chairman of the House Committee on Financial Services, also stated that he will “seek to have his new regulatory bill enacted prior to June 1, 2010.”
Although there was bitter opposition to the new bill called “The Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009” introduced by Chairman Frank in May 2009, it is currently co-sponsored by 63 members of Congress. The bill would “establish a foundation to permit licensed gambling operators to accept wagers from individuals in the U.S.” Moreover, it would seek to allow the rights of each state to determine the efficacy of Online Gambling activity and apply other restrictions on the activity as deemed necessary.
It was also revealed once again that the current UIGEA law is ineffective and ambiguous, and that attempts to enforce this act have failed miserably. To add to this, it was also stated that up to $42 billion dollars of revenue could be generated over the next 10 years if the Barney Frank bill become law.
Sunshine Slots will continue to monitor this and other news relating to the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009.