Chairman of the Financial Services Committee, Barney Frank, is determined to repeal a controversial three-year ban on online gambling.
With the Democrats in the U.S. Congress drafting legislation to repeal a controversial three-year ban on online gambling, Rep. Barney Frank, D-Mass., said he will work to see the legislation passed. Frank has been an outspoken critic of the ban from its inception.
"I'm going to be pushing it," he said at a press conference where he presented his agenda for reforming U.S. financial regulation. Opponents of the ban estimate that its elimination could, over a decade, raise more than $50 billion through taxes on online Internet gambling, provided it's regulated.
The controversial legislation to ban online gambling was passed three years ago amid complaints it would be too difficult to regulate and might even be unconstitutional. Various foreign interests have complained that the existing law could be a violation of World Trade Organization regulations and various countries have initiated complaints with the WTO. In London, the Remote Gambling Association has complained that U.S. gambling interests are free to operate while European and other foreign countries are prosecuted under the provisions of the legislation that bans online gambling.
"The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone," Frank said earlier, as he stepped up his campaign against online gambling legislation called the Internet Gambling Regulation and Enforcement Act of 2007.
Frank is the chairman of the Financial Services Committee.
InformationWeek has published an in-depth report detailing the views of more than two dozen industry leaders on what should be top of mind for President Obama's CTO. Download the report here (registration required).
Top IT Trends to Watch in Financial ServicesIT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Join us for a roundup of the top stories on InformationWeek.com for the week of September 18, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."