barney-frank

Congressman Barney Frank (D-MA)

He is no stranger to the cause. Rep. Barney Frank (D-MA) has been opposed to the 2006 Unlawful Internet Gambling Enforcement Act (UIGEA) from the time of its sneaky passage into law, and he has been consistent in efforts to declare it unenforceable, repeal it, or pass new legislation to legalize and regulate online poker. Only weeks after the new Congressional session began and the Obama administration took hold, Frank issued his agenda for the first few months of 2009, and the repeal of online gambling regulations is on that list.

On February 3, Frank outlined his goals in his ongoing role as Chairman of the Financial Services Committee. While hearings on the TARP bailout proposals and corporate executive compensation certainly rank high on the list of priorities, he mentioned with his usual fervor that another attempt to repeal the UIGEA is in the cards. In addition, he intends to reintroduce a bill to license and regulate online poker.

Congressman Frank introduced H.R. 2046, the Internet Gambling Regulation and Enforcement Act, in April of 2007 to provide for the licensing of internet gambling facilities by the Director of the Financial Crimes Enforcement Network, but the bill never left the House subcommittee. It is unclear at this time if Frank plans to reintroduce this piece of legislation, along with the support of its 48 co-sponsors, or devise a new bill to push the regulation of online poker specifically.

In a conversation with a Financial Times reporter, Frank said that he expects a positive result from proposed online gaming legislation because of the increase in public demand for the right to play poker online. He also noted that he expects the UIGEA, which was put into effect by the outgoing Bush administration and set for January 19, 2009, may be among the regulations that the Obama administration will attempt to rescind or reevaluate in the coming weeks.

“I think if we do this right, we should make online gaming legal and subject it to a reasonable taxation like anything else,” Frank said in an interview. “This does not conflict with our effort to stimulate the economy. This isn’t bad for the economy.”

With the potential of generating billions of dollars in revenue, the U.S. government seems in no position to ignore the potential that the regulation of online poker holds. Frank is well aware of said potential, and he is dedicated to using his position on the Financial Services Committee to spread the word.

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