barney frank HR 2267As we reported yesterday, the House Committee of Financial Services gathered today to discuss HR 2267 – Internet Gambling Regulation, Consumer Protection and Enforcement Act. This legislation was introduced by Chairman Barney Frank in December 2009 and, if passed, it would regulate internet gambling activity in the United States.

“Today’s hearing demonstrates that regulating Internet gambling remains a top priority for Chairman Frank. We’re optimistic that this hearing will give the Committee the final push it needs to schedule a vote on the bill.” said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.

During the hearing, Committee members got together to hear testimonies from representatives of the financial services, tribal and poker communities. Amongst the topics covered were the challenges faced by financial services companies when trying to comply with mandatory burdensome rules to prevent unlawful online gambling transactions.

Also at the hearing was professional poker player Annie Duke who spoke about the consumer safeguards and revenue potential under HR 2267. She stated that online gamblers in the US “…want to play on sites licensed in the United States, which will provide for even greater consumer protections for the player and yield badly-needed tax revenue for state and federal governments.”

Today’s hearing has set the stage for a vote on the bill and we will keep you updated on when the vote will take place and what the results will be.

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