Franks bill update

[Dallas12]

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

[eejit101]

This is looking more like itll get pushed through now.

Thinking about it.... surely now is the time to buy shares in all kinds of gaming related sites.

I know someone who just has, and they are great with stock, so im assuming that if this gets passed, and it will, stocks will rise hugely.

[GloBug]

paradise poker here i come. oh i cant wiat.

[0maxpower0]

All i have heard is good things about this new bill. Who would have thought that tough economic times would finally lead to the legalization of legitimate online poker, hallelujah (spelling). I guess next will be the legalization of marijuana, between the two I dont know how we couldnt be the wealthiest nation on earth, or at least one that is not economically crippled. But seriously when you think about it, how can they even legitimizes making it illegal?? Its a tax generating bonanza, it bring more money to the US, its win win. Even making it legal would further the regulation on it and hell id love that. Id rather online poker be ridiculously secure then to have it be at the whim of the company or the L33T hackers out there. It will pass and i cant wait !!! oh and also it was one of obamas top priority in the online poll of citizens concerns. I believe it was the most voted for thing in the technology sector of obamas online citizens something or other. fact is people want it and they will get it!! hell im pretty sure that have a PPA office in DC, mhy buddy works there and saw greg raymer walking around... how cool is that