A potential turn for the better occurred this past week, when Barney Frank’s “Payment System’s Protection” Act was approved by a vote of 30-9 by the House Financial Service Committee. The passing by the Committee will allow the Act to be heard/voted on in front of the House of Representatives.
This is Frank’s second attempt to repeal the regulations set forth by the Unlawful Internet Gambling Enforcement Act (UIGEA). This past June his initial Act, named similarly, was voted down by the Financial Service Committee.
The bill will not eliminate the UIGEA, however, it will give protection to financial institutions in reference to dealing with online gambling establishments. Frank says “How people spend their leisure time should not be made illegal or encouraged in a free society. If you’re going to [impose restrictions using the UIGEA], you’re hijacking the banking system. If this bill is passed, I would still like to repeal the law. Under this bill, at least the banks will know what is and isn’t illegal.”
Barney Frank has been in Congress since 1981. He is the Chairman of the Financial Service Committee. Previously he was a Massachusetts State Representative and an assistant to the Mayor of Boston. He has also taught at several Boston area universities.
To contact your state representative about repealing the UIGEA please write your State Representative.