A bill to repeal the Unlawful Internet Gambling Enforcement Act will be put before Congress on Tuesday June 24th. Tuesday will be the first time this bill has been before Congress and will have many changes made to it before it can be made into law, but this is an important first step in the process.
This bill, H.R. 5767 was introduced by representatives Barney Frank and Ron Paul back in April. The bill was designed to reverse the ban on internet gambling so the government can go about providing protection for the millions of American that are gambling in online casinos.
The way the law is set up now it puts all the burden of stopping online gambling on America's financial institutions, and according to the heads of the financial services community and federal regulators the current system is impossible to control and doomed from the start, according to the spokesman for the Safe and Secure Internet Gambling Initiative, Jeffrey Sandman.
Right now there is hope that the Government will change its outlook to online gambling after seeing the way other countries are successfully able to regulate online gambling. Most people seem to think that with the economy failing like it is it would be impossible to maintain a ban on a 1 billion dollar a year industry that would provide many millions of dollars a year in taxes to the government.
This bill if passed will release the Department of Treasury and the Federal Reserve System from having to implement and regulate the ban on online gambling. Once this is done Congress can then start putting in place regulations that will allow the industry to be regulated and monitored.
When the bill appears before Congress for the first time it will be discussed and put into the final language that can be brought to Congress for a vote.
