Bold Move Has Barney Frank and Ron Paul Proposing New Gambling Legislation.

In a bold move to stop the online poker ban, PPA Chairman Barney Frank, and former presidential hopeful Ron Paul introduced new gambling legislation -H.R. 5767 on April 10th, 2008. This proposed legislation would block the final implementation of regulations for the Unlawful Internet Gambling Enforcement Act (UIGEA).

The two online poker advocates have written in letters to the Treasury and Federal Reserve, “Given the many other priorities that are pending at your agencies…we believe it would be imprudent for you to devote additional agency resources to this Sisyphean task.”

In Frank’s proposal, he asks for legislation to have a requirement for licensed Internet gambling operators for the the prevention of underage and compulsive gambling in addition to protecting the integrity of financial transactions. A side bill in connection with the proposal from US Representative Jim McDermott, there is a request that would ensure tax collection as well. It has been predicted by PricewaterhouseCoopers that during the first ten years of the regulation of Internet gambling , there would be the potential of generating between $8.7 billion and $42.8 billion in federal tax revenue.

This proposal comes right off the heels after banking industry reps had condemned the proposal as being enigmatic in the determination of legalities of online poker activities. On a positive note, proposal H.R. 5767 has gained endorsement from the The Safe and Secure Internet Gambling Initiative.

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