Another Congressional Bill to Over Turn UIGEA

Last week, Rep. Barney Frank (D-MA) and Rep. Ron Paul (R-TX) proposed a new House bill that would stop the enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. The bill, H.R. 5756, would stop the U.S. government from taking any further steps on regulations that would require all of the country's financial institutions to block Internet Gambling payments. The bill has been referred to the House Committee on Financial Services where it has support from many Congressional members.

Representatives from the Credit Union National Association, Financial Services Roundtable, American Bankers Association and Wells Fargo & Co. testified before Congress last week and offered proof that financial services institutions would face serious regulatory burdens in attempting to enforce UIGEA and related regulations, which is unlikely to stop millions of Americans from gambling online.

This is true. Players who want to gamble online have been doing so even since the passage of the UIGEA in 2006. There are still ways to get money in and out of the Internet gambling sites and many players have discovered how to work around the ban.

Many of our financial institutions are facing serious problems with the mortgage crisis and credit crunch during the present economic slowdown. The last thing they need to do is devote money and manpower playing policeman for the Federal Government.