02-December-2009

Tuesday the U.S. House Financial Services Committee announced it will hold a hearing to discuss the Internet Gambling Regulation, Consumer Protection and Enforcement Act, HR 2267, and the Internet Gambling Regulation and Tax Enforcement Act, HR 2268.

Together the bills, introduced by committee Chairman Barney Frank, D-Mass., and Rep. Jim McDermott, D-Wash., would override the Unlawful Internet Gambling Enforcement Act of 2006. HR 2267 would allow licensed online gambling operators to accept wagers from U.S. residents. It would also allow state legislators to decide whether to permit online gambling in their jurisdictions.

During the hearing industry experts will explain how existing systems and technologies allow online casinos to block minors and pathological gamblers. Committee members are also expected to hear testimony on how recent software advances can aid in preventing money laundering, fraud and identity theft.

"This hearing will provide further evidence on the ability to effectively regulate Internet gambling and require licensed operators to utilize already-proven technologies to protect consumers," Safe and Secure Internet Gambling Initiative spokesman Michael Waxman said. "It's expected this hearing will answer any outstanding questions and pave the way for a vote in the committee on Chairman Frank's legislation."

News of the hearing comes after the Federal Reserve and Treasury Department announced they will extend the final UIGEA compliance date to June 1, 2010. According to Frank, the delay “will give us a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law."

Frank’s statement, a congressional press release said, indicates that he expects to have HR2267 and HR2268 enacted before the new compliance date. The Joint Committee on Taxation projects that the regulatory environments the bills would create could generate some $42 billion in tax revenue over 10 years.

The hearing will take place in Room 2128 of the Rayburn House Office Building at 10 a.m. Thursday. Interested parties can also watch a live video feed of the hearing at www.house.gov.

By: Phill Provance
phill.provance@acehoyle.com

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