Barney Frank Pushes To Repeal U.S. Online Gambling Ban - 03-09-09

March 9 - Barney Frank said on Thursday that he plans to put forward new legislation in the United States that would repeal the an on Internet gambling in that has been in effect for three years, citing that the law damaged trade with the European Union.

In his usual forthright style, he said: "I'm going to be pushing it." Frank heads up the House of Representatives Financial Services Committee as Chairman and announced that work on drafting the legislation will be done this month.

The UIGEA was passed in 2006 by Congress in an attempt to block all forms of online gambling. The main aim of the UIGEA was to stop banks from processing payments in connection with "unlawful Internet gambling", including methods such as credit cards, electronic fund transfers and checks. The Bill was suck through congress at the last minute as an attachment to a Ports Security Bill.

As a result, many European online gambling companies withdrew from the US market and subsequently lost billions of dollars in market value.

Supporters of the ban under the previous government argues that online gambling threatened families and was responsible for money laundering. 

This arguing against the ban say that it impinges on personal liberty. However, and even more compelling argument is the estimated $52 billion in potential tax revenues that the US could make over a decade.

The UK lawmaker, The Remote Gambling Association, has accused the U.S. Justice Department of singling out European online gambling companies like PartyGaming and 888.com for prosecution while allowing U.S. companies to operate without any recrimination.

The European Commission, is also expected to take action at the World Trade Organization after the release of a report due this month.

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