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Congressman Barney Frank, who would like the Unlawful Internet Gaming Enforcement Act overturned as part of his extensive effort to stabilize the banking sector, outlined his agenda for the month of March. Frank has already stated that he would like to create legislation that would free up banks from trying to monitor online gambling transactions. The UIGEA has already placed a burden on these financial institutions. Some state lotteries have also been classified as "illegal transactions" by banks that have little ability to differentiate between "good" gaming transactions and the so-called "bad" one's.
Among the other items discussed on Congressman Frank's agenda for the month of March: A March 24 hearing with the U.S. Attorney General, FBI, SEC and bank regulators on potential criminal and civil prosecutions of those responsible for irresponsible loans, securitization and the resulting U.S. financial crisis is now scheduled. He will also push for legislation to restrain securitization and he anticipates $7.6 billion of TARP bailout money to be returned to the U.S.
See Gambling911.com's Jenny Woo's interview with Barney Frank here
Christopher Costigan, Gambling911.com Publisher
