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US Congressman Barney Frank attempts Repeal of Law

Posted by: yorktown (Moderator)

Date: April 26, 2007 12:21PM

From [url=http://www.igamingbusiness.com}iGaming Business[/url]

Barney Frank Unveils Bill to Challenge UIGEA

Democratic Congressman unveils Internet Gambling Regulation and
Enforcement Act of 2007

After weeks of speculation, Democratic Congressman Barney Frank has
today introduced the Internet Gambling Regulation and Enforcement Act of
2007 that could create an exemption to the UIGEA for properly licensed
operators.

According to an official press release, "The Act establishes a federal
regulatory and enforcement framework to license companies to accept bets
and wagers online from individuals in the US, to the extent permitted by
individual states, Indian tribes and sport leagues. All such licenses
would include protections against underage gambling, compulsive
gambling, money laundering and fraud."

Following the introduction of the bill, Mr Frank explained, "The
existing legislation is an inappropriate interference on the personal
freedom of Americans and this interference should be undone."

The proposed legislation would institute practical and enforceable
standards to bring transparency to Internet gambling to provide
appropriate consumer protection.

The US Financial Services Committee will hold a hearing entitled, "Can
Internet gambling be regulated to protect consumers and the payments
system?" at a date to be determined in June 2007.

As part of today's release, was a Q&A covering the new bill, which
included questions provided exclusively by iGaming Business. The full
interview will be featured in the forthcoming magazine. Below is a
sample from the interview:

LICENSE REQUIREMENTS

How will the government ensure that the proper consumer protections are
put in place?

No applicant would receive a license unless the following requirements
with respect to any Internet bet or wager, at a minimum, are met:

. Safeguards to ensure the individual placing the bet or wager is 18
years of age or older

. Safeguards to combat fraud and money laundering and compulsive
gambling

. Mechanisms to ensure all appropriate taxes and fees are collected from
individuals and the licensees

. Safeguards to ensure that the individual placing the bet or wager is
physically located in a jurisdiction that permits that form of Internet
gambling

CONSUMER SAFETY

How does the bill protect consumers?

The framework set forth in the bill would for the first time effectively
regulate Internet gambling, thus making it possible to address underage
and compulsive gambling, neither of which are prevented under
prohibition regimes. Regulation combined with proven technology would
establish a system of effective controls to block children and
compulsive gamblers from gambling.

How can restrictions against underage Internet gambling be enforced?

Existing technology can enforce requirements that licensed Internet
gambling operators restrict minors' access to Internet gambling. For
example, when registering at a gambling site, the customer would be
required to provide a range of information including name, address, date
of birth, telephone number and details of an identity document, such as
a driver's license or social security number. This information would
then be passed on to the Payment Service Provider (PSP) and run through
the Know Your Customer (KYC) system to confirm that the data being
provided matches against several separate sources of information and is
in fact accurate. The operators may also have KYC systems in place.

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Re: US Congressman Barney Frank attempts Repeal of Law

Posted by: JerryG (---.213.168.18.pldt.net)

Date: April 26, 2007 12:47PM

And sports leagues?

Global Gaming News

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Re: US Congressman Barney Frank attempts Repeal of Law

Posted by: Mcluhan (---.ppp.ucc-net.ca)

Date: April 27, 2007 12:16AM

as an addendum to the above post on this press release what might not be clear to everyone is that Frank Barney is the Chairman of the US House Committee on Financial Services.

This committee is also referred to as the House Banking Committee

from wiki: [en.wikipedia.org]

"oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators."

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