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Ongoing Resistance to U.S. Legislation

The American Bankers Association (ABA) is reporting that renewed actions from U.S. politicians is much appreciated by all in the banking industry who fear the effects of UIGEA (Unlawful Internet Gambling Enforcement Act) enforcement. The UIGEA bans foreign online casinos gambling transactions at least in theory. Implementation of the UIGEA is a different matter altogether and the U.S. banking industry is outspokenly against the current U.S. Department of Treasury imposed regulations which would have a severely negative impact on the banking industry. At this point the U.S. Congress has held a hearing to discuss the impact of the UIGEA regulations and Congressman Barney Frank and presidential hopeful Ron Paul are continuing to press for the neutralization of the UIGEA.

The ABA’s top lobbyist has acknowledged and thanked Frank and Paul for their support and continued lobbying within Congress. Congressman Frank is one of the most outspoken politicians regarding the online casinos gambling issue – his IGREA bill, if passed, will effectively neutralize the power of the UIGEA. After the Congressional hearing just weeks ago, many politicians have a renewed interest in sorting out the international debacle that is the online casinos gambling issue.

As for the U.S. banking industry, the financial sector has the biggest chance to be negatively affected by the UIGEA regulations should they pass with the current inherent flaws. Considering the extreme outcry from the ABA and others in the banking and financial industry, many are still actively working to resolve the issue in any way possible. The ABA’s lobbyist, Floyd Stoner, noted, “I don’t know what can be done or will be done legislatively, but we certainly appreciate the interest.”

That is the crux of the dilemma, there is no solution that will leave all involved pleased with the outcome. If any form of online casinos gambling passes through Congress as a way to neutralize or repeal the UIGEA, there will be a handful of politicians fighting the legislation the whole way.