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Blazing a Trail for Online Casinos

Barney Frank has become a trailblazer in the online casino gambling industry – he is the internet gambling industries strongest supporter on Capitol Hill and in Congress. Though he was unable to stop the passage of the UGIEA (the bill was passed so suddenly and out of the blue that few could have stopped its passage) he is fighting hard to repeal or neutralize the negative effects of the UGIEA through various bills. His last bill to go to vote failed by default because the bill came to a tie – it would have affected the controversial and flawed UIGEA enforcement regulations from the continued drafting process. Frank’s latest bill takes a different tactic that is supported by foreign online casinos and the industry in general, the bill would require certain federal agencies to clearly and precisely define certain pivotal terms.

Frank’s latest bill is the Payment Systems Protection Act (PSPA), or HR 6870. This new bill is widely supported not only because it would put a slight delay in any further UIGEA regulatory developments but also because the Act would relieve some of the burdens facing the financial services industry should the previous drafted UIGEA enforcement regulations take effect.

The proposed regulations do not specifically define what the phrase “illegal internet gambling” encompasses and instead put the onus of deciding which online casino gambling activity is illegal completely on the US banks and financial services companies – the banking industry is strongly opposed to this aspect of the regulations and believes it would place the industry under undue duress.

According to the lineup though Frank is wasting no time in passing this latest piece of legislation – the bill goes for markup on September 16, 2006.