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Bipartisan Support for Online Casino Issues

The controversial Unlawful Internet Gambling Enforcement Act (UIGEA) will not go quietly into the night as many internet gamblers had hoped, but at the same time, neither will opposition for the UIGEA. Although initiatives to neutralize and stop the UIGEA have been primarily led by Democratic politicians, even the Republicans have stepped up to speak against the ambiguity of the UIGEA and its accompanying regulations. The UIGEA blocks U.S. financial transactions with foreign online casinos – the problems though center on the fact that the regulations put the onus of defining illegal internet gambling firmly on the shoulders of the U.S. banking industry and the other U.S. financial institutions.

Representative Barney Frank introduced a piece of legislation several months ago that was designed to halt the implementation of the UIGEA’s controversial regulations. This vote failed to pass in the House Financial Services Committee, but now four Republican politicians have spoken up on the issue and are formally asking for a definite definition of the phrase “illegal internet gambling” before the online casino gambling regulations actually come into effect.

The drafted support regulations for the UIGEA raised controversy and debate all of the U.S. and the Congressional hearing that was held to discuss the regulations pointed out all of the flaws of the foreign online casinos ban and also highlighted the severe burden that the regulations would put on the U.S. financial and banking industries. The increased burdens on the banking industry to enforce the flawed anti-online casino gambling regulations come at a particular uneasy and stressful time for U.S. banks – the crashing housing and mortgage market is just one aspect of the slowing U.S. economy that is already causing concerns.

Basically though, the four Republican representatives’ support show that there is bipartisan support for this issue.