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U.S. Rep. Barney Frank, a Massachusetts Democrat and head of the U.S. House Financial Services Committee, at a news conference on Tuesday morning outlined his agenda for the coming months, including an attempt to have online gambling and poker prohibition repealed.
Congressman Frank has told Gambling911.com reporter Jenny Woo that legalized online gambling plays an important role in the current U.S. economic crisis.
"I think if we do this right we should make online gaming legal and subject it to a reasonable taxation like anything else," he said. "This does not conflict to our effort to stimulate the economy. This isn't bad for the economy."
Gambling on the Super Bowl this past Sunday was widely believed to have generated close to $90 million in Vegas alone. The online gambling sector is likely to have made several times that number.
Barney Frank's agenda included the following:
* Says favors a federal insurance program for municipal bonds.
* Says Bank of America will testify at hearing next week on Treasury Dept's $700 billion TARP bailout program.
* Says wants to maintain mark-to-market accounting but try to contain its consequences to banks' businesses.
* Says wants prohibition on executive compensation that encourages excessive risk.
* Says inspector general will demand that TARP recipients fully account for how they use federal funds.
* Says intends to toughen liability on securitizers.
* Says Treasury Dept shouldn't ask Congress for more capital until it shows that money is being used responsibly.
* Says thinks Treasury Dept might ask Congress for more federal funds.
* Says hopes for repeal of online gambling regulations.
Says national flood insurance program to be extended in omnibus legislation until September.
Christopher Costigan, Gambling911.com Publisher
