Barney Frank to Introduce Pro-Gambling Bill
U.S. Rep. Barney Frank (D - Mass) has announced that he will introduce the Gambling Regulation and Enforcement Act (HR 2046) as a standalone bill before the end of April.
The Hope of The Community
Back in February we called Mr. Frank "the hope of the U.S. online gambling community" because besides being a chairman of the House Financial Committee, he's also an outspoken critic of the UIGEA and someone who wants to establish a framework for the legalization of online gambling.
Regulations and Taxes
As for the bill, it would regulate and tax online gaming and this includes wagers that are made with online casinos, poker rooms and bookmakers. Pro-gaming advocates are already pointing out that regulation could generate an estimated $50 billion in tax revenue over the next decade, something that the slumping U.S economy could definitely use.
Mr. Frank is clear about introducing this bill as standalone. "(Attaching HR 2046 to another bill) is not my intention. It would be a mistake. I want to do this with hearings, discussions and votes," Frank told political-news magazine The Hill. He went on to say that it will be introduced when the 109th Congress returns from the Easter break on April 20th, 2009.
One Step Closer
This is certainly great news for as we have been waiting for Mr. Frank to take some action and now a date has been set for the introduction his bill. Al though we are still early in the process and nothing has been decided yet, it does take us one step closer to a well regulated online gambling environment for U.S. players.