Online Casino Style: News - Bad News for HR 2267

10/07/2010		Online Casino Style - News: Bad News for HR 2267
Home History Games News Dictionary		While most in the online gambling industry had hoped that internet casinos would have been legalized and regulated in the US by now, it is sadly not the case, as hopes that such a change might happen by the end of the year begin to dampen. Even Congressman Barney Frank is losing steam in his fight, as he admitted to The Hill magazine that the chances that the bill HR 2267 would be heard and debated on the main floor of the House of Representatives. The key piece in timing would be getting the bill heard before the midterm election distractions this coming November. Barney Frank is not only the author of the HR 2267, but also sits as the Chairman of the House Financial Services Committee, which passed the bill in July of this year. Since that point, it has laid victim to a number of changes to better its chances on the bipartisan floor, but has moved steadily forward towards ratification… until this point and the bad news from Frank himself. The bill has been the subject of much debate in the American political field, as it would effectively overturn the Unlawful Internet Gambling Enforcement Act, the law that bans financial companies from completing transactions to and from internet gambling companies. Frank blames the delay on the cramped House schedule, and with so many other proposals on the table, the likelihood of 2267 getting through was growing slimmer by the week. Without a commitment from the Democrat leadership in the House, “I’m not optimistic,” Frank said. Apparently, he’s not the only one with such a perspective, as a Senate Democratic aide also told The Hill that it was unlikely that the bill would be heard before November’s elections. It bodes ill for a companion bill developed by Robert Menendez, which has attracted far fewer than that 70 co-sponsors that Frank’s measure has gained in recent months. The only advantage that the bill has over other proposals vying for the attention of the politicians, is the fact that its passage would come with a new source of revenue, with the legalization of online gambling providing some much needed new fund sources. In the most ideal world, the Frank bill and the Menendez bills would be passed together, an option possible only if the House Ways and Means Committee passes Menendez’s bill sooner than later. “My ideal would be that Ways and Means would do that and they would come out together,” Frank said.

10/07/2010

Online Casino Style - News:
Bad News for HR 2267

While most in the online gambling industry had hoped that internet casinos would have been legalized and regulated in the US by now, it is sadly not the case, as hopes that such a change might happen by the end of the year begin to dampen. Even Congressman Barney Frank is losing steam in his fight, as he admitted to The Hill magazine that the chances that the bill HR 2267 would be heard and debated on the main floor of the House of Representatives.

The key piece in timing would be getting the bill heard before the midterm election distractions this coming November. Barney Frank is not only the author of the HR 2267, but also sits as the Chairman of the House Financial Services Committee, which passed the bill in July of this year. Since that point, it has laid victim to a number of changes to better its chances on the bipartisan floor, but has moved steadily forward towards ratification… until this point and the bad news from Frank himself.

The bill has been the subject of much debate in the American political field, as it would effectively overturn the Unlawful Internet Gambling Enforcement Act, the law that bans financial companies from completing transactions to and from internet gambling companies. Frank blames the delay on the cramped House schedule, and with so many other proposals on the table, the likelihood of 2267 getting through was growing slimmer by the week.

Without a commitment from the Democrat leadership in the House, “I’m not optimistic,” Frank said. Apparently, he’s not the only one with such a perspective, as a Senate Democratic aide also told The Hill that it was unlikely that the bill would be heard before November’s elections. It bodes ill for a companion bill developed by Robert Menendez, which has attracted far fewer than that 70 co-sponsors that Frank’s measure has gained in recent months.

The only advantage that the bill has over other proposals vying for the attention of the politicians, is the fact that its passage would come with a new source of revenue, with the legalization of online gambling providing some much needed new fund sources. In the most ideal world, the Frank bill and the Menendez bills would be passed together, an option possible only if the House Ways and Means Committee passes Menendez’s bill sooner than later. “My ideal would be that Ways and Means would do that and they would come out together,” Frank said.