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Breathing a Sigh of Relief

The banking industry is surely relieved with the news that the latest UIGEA related legislation has been approved by the House Financial Services Committee and will now move on for a vote and debate in the House of Representatives. Barney Frank introduced HR 6870 just recently in an effort to eliminate the most negative effects of the UIGEA, which bans financial transactions between US banks and offshore online casinos.

The UIGEA contains many fundamental flaws and was only passed as a 11th hour addition to must-pass legislation – although a rather auspicious start for this controversial and flawed legislation. But considering the legislation passed it is much harder for the online casino gambling industry and a few dedicated politicians and members of Congress to now reverse or neutralize the UIGEA. Frank’s Payment Systems Protection Act though addresses some of the major flaws in the UIGEA and buys the US financial services industry a bit more time before it will feel the affects of the UIGEA.

The PSPA didn’t necessarily have overwhelming support in the House Financial Services Committee, it passed with a 30-19 vote…but that was certainly enough to pass the legislation on to the House of Representatives for further consideration. The online casino gambling situation has begun to really escalate in recent months with the eternal negotiations with Antiguan representatives never finding resolution and the EU delegation is currently in Washington investigating the US government’s prosecutorial processes.

This situation could be one factor in why members of the committee were willing to pass the PSPA through. The legislation is touted as bipartisan and in fact several Republicans did vote favorably for the PSPA although the vote was primarily comprised of support from Democrats.