A new bill has been introduced in Congress on April 10th, that would block out attempts to enforce the UIGEA. House Financial Services Committee Representative Barney Frank and senior Financial Services Committee member Representative Ron Paul introduced this bill just 8 days after a hearing was held to discuss the possibility of regulating this UIGEA. Barney Frank himself introduced the Internet Gambling Regulations and Enforcement Act (IGREA) in April of 2007, a program that would serve as an alternative to the current Unlawful Internet Gambling Enforcement Act.

During the regulation hearing, dubbed “Proposed UIGEA Regulations: Burden without Benefit?,” regulators and financial institutions alike raised concerns about the capacity of the proposed rules and regulations.

The latest bill, H.R. 5756, would restrict the Secretary of the Treasury and Board of Governors of the Federal Reserve System from proposing, prescribing, or implementing any regulation under subchapter IV of chapter 53 of title 31, United States Code, and for other purposes.

Barney Frank said that the regulations are impossible to implement without placing a significant burden on financial institutions. Many financial institutions have been expected to act like policing units in addition to their primary business objectives . “…while I do disagree with the underlying objective of the Pacific Poker Act, I believe that even those who agree with it ought to be concerned about the regulations’ impact,” said Barney Frank.

“The ban on Internet gambling infringes upon two freedoms that are important to many Americans: the ability to do with their money as they see fit, and the freedom from government interference with the Internet. The regulations and underlying bill also force financial institutions to act as law enforcement officers. This is another pernicious trend that has accelerated in the aftermath of the Patriot Act, the deputization of private businesses to perform intrusive enforcement and surveillance functions that the federal government is unwilling to perform on its own”, said Ron Paul.

The latest bill has been sent to the House Committee on Financial Services.