Internet Gambling Legislation Gains Momentum and U.S. Chamber Support
Internet Gambling Regulation Takes Center Stage before House Financial Services Committee
Yesterday, the House Committee on Financial Services held a hearing to discuss the Internet Gambling Regulation, Consumer Protection and Enforcement Act (H.R. 2267). The legislation, introduced by Chairman Barney Frank, would regulate Internet gambling activity in the U.S. and require licensed operators to put in place safeguards to protect against underage and problem gambling.
Witnesses including Ed Williams of the Credit Union National Association (CUNA), Lynn Malerba of the Mohegan Tribe and professional poker player Annie Duke provided evidence to Committee members that regulating Internet gambling, as proposed in Chairman Frank's legislation, would ease the burden placed on financial institutions, better protect consumers and provide an opportunity to generate billions in new state and federal government revenue.
For additional information on the hearing, click here.
U.S. Chamber, NAFCU, and Financial Services Roundtable Voice Support for Chairman Frank's Legislation
In anticipation of yesterday's House hearing, the U.S. Chamber of Commerce, the National Association of Federal Credit Unions (NAFCU) and the Financial Services Roundtable demonstrated their support for the Internet Gambling Regulation, Consumer Protection and Enforcement Act. These powerful organizations sent letters of support of the legislation to Committee Chairman Barney Frank and Ranking Member Spencer Bachus.
R. Bruce Josten, executive vice president for Government Affairs at the U.S. Chamber of Commerce wrote that rather than allowing revenue to flow offshore, as it currently does in an unregulated environment, "the United States should seek to bring that commerce on-shore and regulate it to provide appropriate protections to consumers." Additionally, Josten wrote, "the Chamber believes that H.R. 2267 would create jobs and revenue for federal and state governments."
In NAFCU's letter to Reps. Frank and Bachus, President Fred Becker urged them to "take swift action on an Internet gambling bill that would ensure credit unions and other financial services providers are not unduly burdened with the cost of enforcement efforts against unlawful gambling activity."
Additionally, during yesterday's hearing, Chairman Frank noted the support of the Financial Services Roundtable for H.R. 2267, citing the group's concerns about the overly burdensome rules faced by financial service companies in an attempt to prevent unlawful Internet gambling transactions.
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