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Frank's Plan the Default

The controversial UIGEA is closer than ever before to a repeal that would counteract the flawed legislation that poorly attempts to block offshore online casino gambling transactions through the US banking industry. Congressman Barney Frank is one of the most active pro-internet gambling politicians in the US and Congressman Frank has finally gotten his pro-gambling bill into Congress and up for discussion after four years of gaining cosponsors on the bill and building grassroots support throughout the US for the new legislation. Frank’s bill also has a the support of the US banking industry, which could be the biggest and most influential support for the pro-online casino gambling regulation bill…or the biggest detractor.

Right now the US financial services sector and the banking industry have given Frank’s bill their defacto support because they contest the UIGEA in particular. What this means is that that the US banking industry is not necessarily supporting a regulated US online casino gambling industry, but they support Frank’s bill on the premise that it would repeal the UIGEA and thus the burden that the UIGEA has placed on the US banking industry. The US banks have claimed that compliance with the enforcement regulations is too though and an unreasonable request.

For that sole reason the banks have spoken in favor of passing Frank’s bill as a way to repeal the disliked UIGEA and lessen the burden of regulating the US online casinos that was placed on the US banking industry just last month. There is no telling if the defacto endorsement by the US banking industry will be enough to bring Frank’s bill out of the House Financial Services committee and into the House and Senate for further consideration and debate.