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'Flaws' in internet gambling law subject of Congressional hearing

Press Release, Sunday, March 9, 2008 at 10:05:02 PM

Washington, DC--Congressman Barney Frank (D-MA), chairman of the House Committee on Financial Services, will hold a hearing in early April to explore the burden on U.S. financial institutions to comply with the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). The law was intended to deter illegal Internet gambling activity. Meanwhile, support for legislation that would regulate Internet gambling continues to gain momentum as Congressman George Miller (D-CA), one of the most influential members of Congress, signed on last week as a co-sponsor of the bill introduced by Congressman Frank.

"The banks have a lot of other things to worry about right now," said Frank, as reported by Politico, referencing the mortgage crisis and other challenges faced by the industry. "I don't think poker should be one of them."

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