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Committee Hearing On Online Gambling Bills Rescheduled

Posted on April 15th, 2010

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A hearing in the House Financial Services Committee set for Friday, April 16th on two pieces of legislation authored by Congressman Barney Frank, D-Massachusetts, has been postponed indefinitely due to a conflict in the Congressman’s schedule, a spokesman for Frank’s office announced late Monday. The hearing was supposed to center on “governmental perspectives” of two laws introduced by Frank last May seeking to repeal the Unlawful Internet Gambling Enforcement Act (UIGEA).

One bill, HR 2266 or the Reasonable Prudence in Regulation Act would delay by one year the financial services industry’s compliance with the UIGEA’s regulations. A UIGEA ruling forbids banks and other financial establishments to perform financial transactions relating to online gambling.

The law which was designed to take effect last December was given a six-month extension up to June 1 by the Treasury Department in November. HR 2266 aims to extend that deadline for another year to give enough time to lawmakers to discuss other possible options to UIGEA.

The second bill, HR2267 or the Internet Gambling Regulation, Consumer Protection and Enforcement Act would legalize the online activity by creating a framework for licensing and regulating the Internet gambling industry in the United States. The measure aims to set restrictions on the industry whose operators have continued their activities which have been deemed illegal under the UIGEA and which are now untaxed, by moving their base overseas.

Friday’s hearing did not plan to mark up the two bills, as Frank, who is also the committee’s chairman, only wants to present oral statements from online gambling experts, some of whom are supporters of Franks measures. The two measures are likely to encounter strong opposition once the lawmakers get to debate on the issues, especially in the Senate. Nevertheless, online gambling groups have commended Frank for introducing legislation and initiating debate on the issue.

When the hearing was announced, and before it was canceled, Michael Waxman, spokesman for the Safe and Secure Internet Gambling Initiative said, “This hearing will provide further evidence that UIGEA is a poorly-crafted law that simply does not work. We expect this hearing to provide further impetus for the House Financial Services Committee and Congress to address this issue and move forward Chairman Frank’s regulatory bill.”

Frank’s spokesman said there is no information yet as to the new schedule for the hearing but an announcement will be released soon.