Democratic Congressman proposes regulation of Internet gambling
WASHINGTON D.C. - Roughly a half a year after the passage of the UIEGA, Democratic Congressman Barney Frank (D-Mass) has introduced a bill which proposes to regulate, rather than outlaw, the online gaming industry.
Frank, chairman of the House Financial Services Committee, introduced the Internet Gambling Regulation and Enforcement Act Bill on Thursday. The bill calls for the online gaming industry to be strictly regulated and for prospective gaming operators to be thoroughly vetted prior to government approval.
A full copy of the bill can be found at:
http://www.house.gov/apps/list/press/financialsvcs_dem/21frank_004_xml_(2).pdf
Key observations of the bill include arguments, often made by supporters of regulation, that regulation would bring greater scrutiny, control and stability to the industry, as well as additional revenue for the US Government.
Frank’s bill would place oversight and enforcement largely in the hands of the US Treasury Department.
