U.S PLANS TO REFORM ITS ONLINE GAMBLING LEGISLATION
On March 5th 2009 Barney Frank, House of Representatives Financial Services Committee Chairman, told reporters at a press conference that he would be pushing to repeal the current U.S ban on online gambling. This marks quite a turn in policy since the ban was introduced three years ago by the republicans. In 2006 a blanket ban was introduced by congress forcing all businesses from accepting funds in any way connected to Internet gambling, effectively trying to stop the cash flow of these companies by prohibiting credit card payments as well as wire transfers and cheques.
The argument made by the then Republican run Congress was that these enterprises took millions of dollars every year out of the U.S economy as well as ruining families. Accusations have subsequently been heaped on the Department of Justice for discriminating against European-based gambling websites such as 888.com and PartyGaming.com whilst allowing U.S based companies to operate with impunity.
Barney Frank’s position, as well as that of the many advocates of lifting the ban, is that it has soured trade relations with Europe but also prevented the Unites States from making millions of dollars in tax revenue from allowing and regulating the lawful operation of online gambling sites. The estimated figure supplied by people who support the ban being lifted is around $52 billion in the next decade.
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