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Online Casino Bill Hearing

Barney Frank must be breathing a huge sigh of relief this week as the online casino gambling bill that he has worked on for years has finally gotten a moment of time in Congress. Frank is one of the most outspoken supporters for a fully legalized and regulated US gambling market for foreign and domestic online casinos. His bill has been drafted and revised numerous times and has a good deal of bipartisan support as it goes into a Congressional Hearing later this week. Frank’s bill has been prepped for a hearing for more than a year but the more pressing issue of the economy and healthcare have always pushed the bill to the back burner.

The House Financial Services Committee announced earlier in the month that Frank’s proposal will go up for discussion on Friday, April 16, 2010. This bill is really coming through right in the nick of time because enforcement regulations for the controversial UIGEA, which fully blocks financial transactions between online casinos and US players, is set to take effect on June 1, 2010. There is a hope within the gambling industry that Frank’s bill will supersede the efforts by others to fully enforce the UIGEA. In that vein, Frank has supplied a companion bill to his IGREA bill that will officially give IGREA time to pass through by delaying any enforcement that the UIGEA will have against the online casino industry.

Within the hearing, Frank anticipates that specific speakers and representatives from various sectors related to the online casino gambling industry can pinpoint some of the major flaws within the UIGEA and also highlight how the IGREA bill would rectify those issues and create a safer US market for internet gambling activity.