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Focusing on the Economy: 2

The specifics on Frank’s proposed bill, the Payment Systems Protection Act (PSPA) will give online casinos and the financial services a reprieve from what is, right now, an unknown. If the bill passes, Congress will then implement a formal process for proceeding with the gambling ban through the precise defining of the term “illegal internet gambling.” According to the PSPA as it is now written the term would be defined through a joint effort between the Department of Treasury, Federal Reserve System, and the Attorney General. These three entities would then begin to formally define the term. In the interim the bill alleviates the burden that is hovering over the US’s financial services industry and gives them permission to continue processing transactions for online casinos without threat of legal action.

The PSPA is designed as a band-aid of sorts – Frank is still adamantly searching for a way to repeal the UIGEA and to instead license and regulate the online casinos. His last effort to stop the continued development of the UGIEA’s regulations failed in vote within the House Financial Services Committee – similarly, Frank’s signature bill, IGREA (Internet Gambling Regulation and Enforcement Act) is still in development as support grows. All of the publicity on the issue is having a very positive because a big initial obstacle was the fact that politicians and online casino gamblers were largely ignorant to the specific global and domestic impact of the UIGEA.

Besides placing the US in the hot seat with the international online casino gambling industry (in particular the EU and Antigua), some economists and industry analysts predict that full implementation of the UIGEA could have a negative effect on the US economy at a time when the economy is already suffering.