Mass. lawmaker pitches online gambling bill

U.S. Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, is proposing legislation that would bar the government from requiring U.S. financial institutions to block Internet gambling transactions. Congress passed the Unlawful Internet Gambling Enforcement Act in 2006, making it a crime for banks or other institutions to process financial transactions, such as electronic fund transfers, that are used to place bets online. The Treasury and the Federal Reserve are considering final language to implement the law. Many financial institutions and gambling operators have complained that the proposal would force banks and credit card processors to police online wagering. Those critics say the law doesn’t make a distinction between legal and illegal online wagering. “These regulations are impossible to implement without placing a significant burden on the payments system and financial institutions…” Frank said in a statement.



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