02 April 2008
April 2 - After months of speculation, accusation and talk, The United States
House of Representatives will finally sit down ad discuss the Unlawful Internet
Gambling Enforcement Act (UIGEA) when a hearing by Subcommittee on Domestic and
International Monetary Policy, Trade and Technology, is conducted.
Titled "Proposed UIGEA Regulations: Burden Without Benefit?", the hearing is
aimed tat assessing the impact of the Bill on US financial institutions, who
have been openly criticizing the Bill because of the difficulty involved in
compliance.
The Bill was designed to stop people in the US from gambling online, but
millions still do so every day. Audit firm PricewaterhouseCoopers estimates
taxable revenues of $42 billion that have gone lost over the past 10 years.
Barney Frank, The Chairman of the House Committee on Financial Services, has
tabled his proposed Internet Gambling Regulation and Enforcement Act (IGREA) in
opposition to UIGEA. The new bill advocated regulation and measures to combat
underage gambling. Many senators have come out in support of IGREA.
Representative Jim McDermott has since introduced the Internet Gambling
Regulation and Tax Enforcement Act (IGRTEA), which will put in place licensing
and enforcement mechanisms.
News about the hearing will be published as soon as we learn more.
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