UIGEA Stands to Get Overturned by Bill Put Forth

May 7, 2009 - Wrote By Glen

For months on end, Representative Barney Frank has been claiming that he was putting together legislation that would overturn the Unlawful Internet Gambling Enforcement Act and create the concept of regulation and legalization of online gambling in the United States. Finally, on Wednesday, that legislation has arrived. Frank has sponsored two bills to achieve his goal - the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009 and the Reasonable Prudence in Regulation Act.

The first of these bills, the regulatory and protection act, would ensure that proper protection was in place to prevent underage gambling, money laundering and fraud, and compulsive gambling. This would save USA players from being at the mercy of the tightening grip of overseas online gaming sites. The Reasonable Prudence in Regulation Act would serve to over score the UIGEA. This would once again make it legal for banks to process financial transactions linked to online gambling.

The Unlawful Internet Gambling Enforcement Act, or the UIGEA, is something Frank was opposed to since its inception. The UIGEA was snuck in on the back of a port security Bill that had nothing to do with online gambling what so ever. The argument has been put forth by Frank and many others that people have the right to do what they want with their money from the comfort of their own home, especially with something that is legal at different locations around the United States.

Despite fighting an uphill battle, Frank has remained steadfast in his vision. Now that the balance of power in Congress has shifted toward the Democrats, the odds of Frank being successful have increased significantly.