This morning, Rep. Barney Frank introduced legislation in the House that calls for online gambling to be licensed and regulated in America.
If passed, the Internet Gambling Regulation and Enforcement Act of 2007 would establish a federal regulatory and enforcement framework to allow companies to accept bets and wagers online from people in the U.S.
This bill goes directly against the intent of Unlawful Internet Gambling Enforcement Act that was passed last year, which forced many online sites and online gambling-related businesses to cut off customers located in the U.S. The UIGE Act was attached to a must-pass bill designed to increase the security of the nation's ports. Click here to read about it.
The language in this bill allows for individual sports leagues, such as the NFL, to not allow wagers to be made on their leagues. The NFL is one of the strongest opponents to legalize online gambling.
The bill is also written to allow states and Native American tribes to ultimately determine whether or not online gambling could take place there. Basically, states that already allow gambling would most likely allow online gambling that would be taxed and regulated.
The bill requires included protection against underage gambling, compulsive gambling, money laundering, and fraud.
Frank has been an outspoken opponent to the UIGE Act. He believes that the UIGE Act tramples individual freedom.
"The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone," Frank said.
The Financial Services Committee will hold a hearing entitled "Can Internet gambling be regulated to protect consumers and the payments system?" at a date to be determined in June.
