Recently, four Congressmen wrote to U.S. Secretary of the Treasury Henry Paulson and Chairman of the Federal Reserve Paul Bernanke. Their goal was simple: Clarify the Unlawful Internet Gambling Enforcement Act as to what is legal and illegal under its jurisdiction. Read more »
In an unexpected turn of events on Wednesday, HR 5767, a bill proposed by Congressmen Barney Frank (D-MA) and Ron Paul (R-TX) that would have stopped the U.S. Treasury and Federal Reserve from implementing the regulations of the Unlawful Internet Gambling Enforcement Act, was defeated in the House Financial Services Committee. A vote for an amendment by Congressman Peter King that would have required cooperation with the U.S. Department of Justice to identify what "illegal" and "legal" transactions were under the UIGEA ended in a dead heat largely along party lines. When the smoke cleared, the 32-32 vote meant that the amendment was defeated. The Committee then turned to a verbal vote for HR 5767, which was defeated when the "Nays" greatly outnumbered the "Yays." The news came as a shock to many in the internet gambling industry. Read more »
