This year the United States Congress has been taking a serious look at legalizing online gambling within its borders. The Unlawful Internet Gambling and Enforcement Act signed into law by President George W. Bush in 2006 flat out made online gambling illegal. It also restricted American financial institutions from completing transactions between American online gamblers and online gambling sites. Still, Americans found a way to gamble online and millions of dollars went overseas. Chairman of the House Committee on Financial Services, Barney Frank of Massachusetts, found this to be ridiculous and introduced House Resolution 2267 or the Internet Gambling Regulation, Consumer Protection and Enforcement Act. Since then his committee has studied the possible effects of online gambling and heard testimonies both for and against. Chairman Frank’s bill would legalize and regulate online gambling as well as require those who seek an online gambling license to install safeguards to protect against underage and problem gambling.

Since the introduction of the online gambling bill the House Committee on Financial Services has been preoccupied with the massive financial reform that has swept the nation. However, earlier this week President Obama signed that bill into law and freed up the committee to study other issues. Michael Waxman of the Safe and Secure Internet Gambling Initiative commented, “With the recent passage of financial reform legislation, it’s great to see the Financial Services Committee now with the opportunity to focus its attention on other issues such as internet gambling regulation.” On July 21 the committee held a serious hearing that could help propel the Frank’s bill out of committee and onto the House floor. “We’re optimistic that this hearing will give the Committee the final push it needs to schedule a vote on the bill,” continued Waxman.

The committee hearings featured representatives from almost every facet of the gambling industry including members of Native American tribes, poker communities, ad financial institutions. Some of the biggest names were there to lend their feelings of how online gambling should be regulated in the United States.

Tags: casino, gambling, online