Congressional Hearing Planned on US Online Gaming Ban
April 1st, 2008
The United States House of Representatives will this Wednesday review the effectiveness of the proposed UIGEA implementation rules in a hearing of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology.
The Hearing on April 2nd, aptly entitled ‘Burden without Benefit?’, will examine the viability of UIGEA regulations against a backdrop of mounting criticism from the financial community as well as lawmakers.
In December 2007, the US Treasury and the Federal Reserve System published industry comments on the proposed UIGEA implementation rules. The rules were widely criticised for imposing a substantial burden on the financial community, who would be expected to interpret criminal law to enforce the UIGEA in the absence of a well defined list of restricted transactions.
An alternative to the UIGEA is U.S Representative Barney Frank’s Internet Gambling Regulation and Enforcement Act (IGREA), which has recently garnered the support of a number of influential congressmen, including Congressman George Miller, Chairman of the House Democratic Policy Committee.
A companion bill to the IGREA has also been introduced by U.S Representative Jim McDermott, entitled the Internet Gambling Regulation and Tax Enforcement Act (IGRTEA). The bill seeks to establish a licensing and enforcement framework for regulated Internet gambling in the U.S. The bill would allow Americans to lawfully bet online while licensing and regulating online gaming operators to protect consumers from problem gambling, and to combat money laundering and fraud.
According to a recent independent report by PricewaterhouseCoopers, its is estimated that between $8.7 billion to $42.8 billion could be generated from online gaming tax revenues in the US in the next ten years.
The subcommittee meeting takes place on Wednesday April 2nd at 10:00 ET (15:00 GMT).
Comments to this post (Latest on top)
April 16th, 2008 at 7:44 am
PLEASE TAKE US PLAYERS BACK I MISS THE SOFTWARE SO MUCH!!!!!!!!!!!!!!1