Online Gambling regulated in the USA within weeks?
Barack Obama has barely settled into the Oval Office but things are in motion Stateside to dismantle the Unlawful Internet Gambling Enforcement Act (UIGEA) in the United States.
Congressman Barney Frank, a long-time vehement opponent of the act, has called on Congress to release restraints that are ‘impinging’ on the freedom of Americans. The bill is set to be introduce a bill in the next few weeks to set up a regulatory framework for online gambling companies.
The UIGEA, which makes it illegal for financial institutions to process online gambling transactions, was hurriedly rushed through during the last days of the Bush administration and Frank hopes that his bill’s prospects “had increased as public opinion demands the right to gamble online.”
Tax revenues from a regulated industry are estimated by some to amount to billions of dollars annually, and Frank’s case will be helped by the fact that Barack Obama needs funds to pay for his economic rescue packages.