Massachusetts Congressman Barney Frank is gearing up to introduce new legislation that will reverse the ban on Internet gambling in the United States. Frank has said he wants to end the ban, which has damaged trade ties with the European Union.WASHINGTON (Reuters) - A senior Democratic lawmaker said on Thursday
he would push to pass legislation to repeal a three-year-old U.S. ban
on Internet gambling that has hurt trade ties with European Union.
"I'm going to be pushing it," House of Representatives Financial
Services Committee Chairman Barney Frank told reporters at a press
conference to lay out his agenda for reforming U.S. financial
regulation.
Work on drafting the legislation should be completed this month, a House aide said.
quash online gambling in the United
States by barring businesses from knowingly accepting payments in
connection with unlawful Internet gambling, including payments made
through credit cards, electronic fund transfers and checks.
European online companies lost billions in market value after the
Unlawful Internet Gambling Enforcement Act became law and they withdrew
from the U.S. market.
Supporters of the ban, which was enacted when Republicans still
controlled Congress and the White House, argued that offshore Internet
gambling websites take billions of dollars out of the U.S. economy,
damage families and serve as vehicles for money laundering.
Advocates of lifting the ban say it is impingement of personal
liberty and estimate the United States could raise nearly $52 billion
in revenue over the next decade by taxing and regulating Internet
gambling instead.
Meanwhile, the London-based Remote Gambling Association has accused
the U.S. Justice Department of singling out European online gambling
companies like PartyGaming and 888.com for prosecution while allowing
U.S. companies to operate freely.
The European Commission, acting on an industry petition, began a
formal investigation into that issue last year and is expected to
release a report soon saying it has grounds to take action at the World
Trade Organization.
(Reporting by Kevin Drawbaugh and Doug Palmer; editing by Tim Dobbyn)
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