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UIGEA Hearing Planned for Friday
**UPDATE: The following hearing has been postponed due to a House Committee on Financial Services scheduling conflict.
The U.S. House Committee on Financial Services is holding a hearing to discuss the expected challenges from enforcement of the Unlawful Internet Gambling Enforcement Act (UIGEA) this Friday.
Amid concerns the UIGEA is ambiguous, burdensome for banks and financial institutions and unlikely to achieve its main objective of stopping Americans from gambling online, the U.S. Department of the Treasury and the Federal Reserve Board delayed the date for implementing regulations from the act by six months, from Dec. 1, 2009 to June 1, 2010.
Two pending bills introduced by House Committee on Financial Services Chairman Barney Frank (D-MA), the Reasonable Prudence in Regulation Act and Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009, sought to delay implementation of UIGEA for one year or replace it with a regulatory and enforcement framework for licensed gambling operators to accept bets and wagers from individuals in the U.S.
Both bills and the UIGEA are expected to be discussed at Friday's hearing, scheduled to begin at 10 a.m. ET in Room 2128 of the Rayburn House Office Building in Washington, D.C.
"This hearing will provide further evidence that UIGEA is a poorly-crafted law that simply does not work," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.
"A more common sense approach to protect Americans is required. We expect this hearing to provide further impetus for the House Financial Services Committee and Congress to address this issue and move forward Chairman Frank's regulatory bill."
A revised companion to Chairman Frank's bill, the Internet Gambling Regulation and Tax Enforcement Act of 2010, introduced by Rep. Jim McDermott is projected to generate $42 billion in new federal government revenues and $30 billion in new state government revenues over ten years.
The primary source of the revenue would come from ensuring applicable taxes and license fees on regulated Internet gambling activities are collected.
This act is also expected to be discussed at the hearing.