March 15 - After weeks of speculation, the office of US Congressman Barney Frank,
currently chairman of the
House financial services committee, has confirmed rumors that he is looking to
suggest legislation aimed at repealing the Unlawful Internet Gambling Enforcement Act...
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The story was published by the Financial Times website and has
since been confirmed a spokes person from Congressman Frank's department. No
details or time frame was given.
Frank was quoted as describing the Act as one of the "stupidest
laws" ever passed: "I am working on legislation to cut back on this
internet gambling thing... I think it's preposterous," he said.
Some of the big shares like PartyGaming, 888 and Sportingbet all went up
following this news.
It is also reported that John Conyers, chairman of the House
judiciary committee, can also be considered to be sympathetic to the industry.
Whilst both are powerful allies for the industry, it is not clear what sort
of support could be expected for any new bill.
The US treasury is currently reported to be drafting the rules required to
implement the Act but that the initial deadline has been missed.
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