Poker ban update

WASHINGTON - Legislation aimed at reversing a 3-year-old ban on Americans placing online bets was introduced on Wednesday by U.S. House Financial Services Committee Chairman Barney Frank.

The Internet Gambling Regulation Consumer Protection & Enforcement Act would establish a federal regulatory and enforcement framework for online gaming.

Frank said the bill would give the U.S. Treasury Department the authority to establish regulations and license Internet gambling operators.

The Treasury would also have the authority to revoke or terminate the license of any operator that violates the law. Enforcement actions could also include fines, according to the bill.

"The government should not interfere with people's liberties," said Frank.

The Massachusetts Democrat also told reporters he is introducing separate legislation to freeze the implementation of online gambling regulations under a Bush administration-era law.

He added that he has not spoken to members in the Senate or the White House about the issue but plans to do so soon.

Hopes that the U.S. ban would be reversed pushed stocks of online gaming companies PartyGaming and 888 higher. Shares of 888 gained 7 percent to 104.75 pence, and PartyGaming rose 6 percent to 276 pence.

"This legislation will be politically contentious and take time to be passed or defeated. During that time online gaming shares are likely to perform well as the option value of a potential return to the U.S. market increases," said Evolution Securities analyst Ivor Jones.

European online gambling firms lost billions of euros in value after Congress made it illegal for banks and credit card companies to make payments to online gambling sites.

Republicans controlled the White House and Congress when the Bush-era law was approved. Now, Democrats are in control in both branches of the government, but it is unclear how the Obama administration will handle the issue.

Frank's bill quickly drew criticism from a senior Republican lawmaker opposed to gambling.

"Illegal off-shore Internet gambling sites are a criminal enterprise," said Representative Spencer Bachus, the top Republican on the financial services committee. "Allowing them to operate unfettered in the United States would present a clear danger to our youth, who are subject to becoming addicted to gambling at an early age," said Bachus from Alabama.

Frank said safeguards are in place to make sure wagers are of legal age, protect privacy and combat fraud and money laundering

Man i really really hope that this bill passes through and becomes the new law. I am already shaken by the government inability to understand that this is our right to be able to play poker, a common skill game, just like chess or checkers. Can you imagine it if we were to wager a game of monopoly online and then they outlawed that as well??? That is basically what they are doing in the current system and it is outlandish and childish, not to mention derogatory to the consider a game of poker putting our nations youth at risk. What is putting our nations youth at risk is the economy and the I dont give a damn approach to continued education. If they were to use congressmen franks new bill then they would have plenty of money to help solve these issues. Dont give me that bullsh!t its bad for our kids, when you wont open yer ***ing eyes and see that this will help our kids, by providing the neccesarry funds needed to give these kids a promise for a better tommorrow.
Get off yer arse and get outta the office you idiot and lets find a suitable replacment for ya.
When todays youth are turned down for college education and forced to flip burgers becuase our government wants to be a bunch of jackarses, then what do you exspect them to do? just bend over and take it in the arse for 5.75 an hour? No i dont think so, and poker is a way for these kids to have a dream to look forward to, as opposed to the government taking that from them as well. shame on you, those who oppose this bill.

It wont pass. Its ***. They want to force gamblers to go to the american casions on the ground cuz they can tax the crap out of them and bring in a ton of revenue locally, state, and federally... And no person in there right mind would set up a online gambling site on U.S. soil to compete with the other online rooms, because American buissness taxes are so damn high... Its all about the tax revenue. The municiplaities and states with casino revenue want more, the powerfull select group that runs and operates the casinos lobby to have the ban in place... the people who don't gamble look down on people who do, just tell them all the money is going to fund terrorist organizations and scare them into supporting your agenda... I really dont see this ban getting lifted... It doesnt help that the main supporter and advocate is Barney Frank either.