| Frank UIGEA Bill May Be Key To Online Gambling Future |
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Frank UIGEA Bill May Be Key To Online Gambling Future
http://casinoandgamblingnews.com/online-poker/frank-uigea-bill-may-be-key-to-online-gambling-future-new-online-casinos/
What may have been lost in the process of Representative Barney Frank unveiling his legislation to regulate and legalize online gambling is that there is actually another Bill of far more immediate importance.
The Reasonable Prudence in Regulation Act was also unveiled by Frank. The Bill seeks to stop any further movement of the Unlawful Internet Gambling Enforcement Act, and give time for legislators to further examine the issue of Internet gambling.
"Representative Frank did a smart thing by proposing two separate Bills," said observer Mitch Kreely, "This way, if the Bill that would legalize online gambling takes longer than expected to pass, the UIGEA rules would not be allowed to go into effect."
Currently, financial institutions have until December to comply with the UIGEA. They have gone on record already as saying that the UIGEA would cost them too much money and resources to try and comply. Frank wants lawmakers to further examine the issues that are arising from the UIGEA rules.
Although his goal is to have online gambling legalized, the Reasonable Prudence in Regulation Act could become beneficial. Frank has stated his intent to move quickly with the legalization, hoping to have the Bill passed this year. If not, he will need further time, and that is where the second Bill becomes important in buying Frank that time.
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