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Frank and Reid are at it again for US Regulation

7 March 2011 by admin

You do remember who Representative Barney Frank is right? The Democrat in who has been trying to pass legislature that would repeal the Unlawful Internet Gambling Enforcement Act (UIGEA). He came closest last year when his bill passed in the House Financial Committee. But unfortunately there was a bit of political unrest and the bill went no further.

You will also recall Senator Harry Reid, who hails from the home of the US casino Mecca Nevada. The good senator tried to push through a bill that would legalize and regulate at the very least online poker. However the bill failed to pass in the lame duck session when there was still some Democratic control. Now the Republicans have control and Reid’s bill has fallen by the way side, although he has said that he will not let the issue rest.

Well Frank is wading in with a new bill in hand and Reid has got his back. Joining Frank at his side in wading in to the sea of federal lawmakers is Representative John Campbell, a Republican. Now we have a bi-partisan duo with the powerful Reid at their back to tackle the UIGEA from a different angle.

In the past Frank has tackled the mountain that is repealing the UIGEA from a financial stand point. Here are all these billions of dollars to that the US could be pulling in if they were to regulate online gambling. And while they are at it, not only could the US be making billions, they could also be protecting their citizens. However, protecting their citizens while making a few billion dollars just did not interest the Republican lawmakers.

This time Frank and his new sidekick Campbell are going in from an angle that Republicans are more inclined to like: telling everyone what they think is best for them.

I suppose a nicer way of putting that is to say that this new bill is coming in from the angle of law enforcement. The idea is to regulate an industry that US citizens cannot help themselves from playing in. And regardless of whether the government thinks they would be better off in banning online gambling, it might be better to set up laws to enforce that would keep what Republicans see as a corrupt industry from tainting their citizens any more than it already does. Think Prohibition—first the government tried to ban it; US citizens drank anyway; so they legalized it and regulated it with laws.

Now Frank and Campbell are going to take that approach, presenting a bill that will set up a series of laws that would work to prevent the corruption that federal lawmakers see in online gambling from affecting US citizens. In essence, the bill would protect US citizens from the foreign countries that are seen as the corrupting factor.

Honestly, if the US were to just regulate online gambling already players would be protected from this perceived threat and the oh-by-the-way revenue that would be generated would be flowing into the US, working to fill the holes in the US budget. There would be online casinos for US players that are monitored by US regulation.

So, online gamblers, here is to Frank and Campbell and their attempt to repeal the UIGEA by means of presenting their new bill as a law enforcement and protection measure. They do have Reid backing them along with his powerful friends. With this angle and their backing there is potential that this bill might just make it further than Frank’s last bill.

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