House panel sets hearing on Internet gambling

[bigboydan]

I doubt Frank will be successful, but it's a positive though.

WASHINGTON (Reuters) - A U.S. House of Representatives panel said on Monday it will hold a hearing on Friday to look at Internet gambling, which is effectively banned in the United States.

The hearing will examine whether Internet gambling can be regulated to protect consumers and the payments system, said the House Financial Services Committee.

Committee Chairman Barney Frank introduced a bill in April that would repeal an effective ban on online gambling imposed last year by Congress.

The Massachusetts Democrat said the ban was "imprudently adopted" and the pastime is "a matter of individual freedom."

Frank's bill would make it legal again for banks and credit card companies to make payments to online gambling sites.

The bill includes provisions for licensing and regulating online gambling companies to protect against underage gambling, compulsive gambling, money-laundering and fraud.

The Internet gambling payments ban was signed into law last October by President George W. Bush. It has been closely monitored by investors in some British-based gaming companies, such as PartyGaming Plc.

http://www.reuters.com/article/domesticNews/idUSN0418990520070604

[tblues2005]

At least there is going to be a hearing on this, lets see where it go's from here now.

[The HG]

The funny part is that even though an out gay Northeast liberal congressman is the standard bearer for "individual freedom", one of the supposed cornerstones of modern right-wing ideology, people will still think of Republicans as the party that wants to keep government out of people's personal lives, and they will still be able to run ads claiming to be so, which will be extremely effective where needed.

I would be shocked if this actually went anywhere, but I was talking to a guy who works in private equity last week, and he was saying "oh that will be repealed" saying the hedge funds et al were lobbying to have it done. He mentioned PartyGaming specifically. I can't imagine it will happen, it would be such a huge dis of the Frist congress, but who knows I guess.