With three additions last week, Congressman Barney Frank’s Reasonable Prudence in Regulation Act, HR 2266, is up to 13 co-sponsors. The measure was introduced on May 6th.
HR 2266 has received a considerable amount of exposure in the wake of news that $30 million in assets of online poker players has been seized by federal authorities in the United States. The bill delays the regulations of the Unlawful Internet Gambling Enforcement Act (UIGEA) from being imposed by one year to December 1st, 2010. As it currently stands, the financial services industry in the United States must come into full compliance with the muddled 2006 law by December 1st of this year. The outgoing Bush Administration approved the UIGEA regulations as midnight rules late last year.
The bill was referred to the House Financial Services Committee, of which Frank is the Chair. Among the three latest co-sponsors to lend their support to HR 2266 is Carolyn McCarthy (D-NY), who represents the state’s Fourth Congressional District, which includes parts of Long Island. James Moran (D-VA), who won in a landslide victory over Republican Mark Ellmore last November, also signed on as a co-sponsor on June 4th. Moran represents the Eighth Congressional District of Virginia, which includes several Washington, D.C. suburbs. The final new addition is Charles Rangel (D-NY), who represents the state’s 15th Congressional District, which includes parts of Manhattan.
Former Republican Presidential candidate Ron Paul (R-TX) is also a co-sponsor of the bill. Paul and Frank teamed up to introduce HR 5767, which was defeated in the House Financial Services Committee last June. An amendment proposed by Peter King (R-NY) that would have called for a list to be developed of legal and illegal activities under the UIGEA was defeated by virtue of a 32-32 tied roll call vote. HR 5767 was then submitted for an oral vote, where the “Nays” outweighed the “Yays.” Frank quickly introduced HR 6870 to provide clarification of the UIGEA. The bill passed out of Committee in September, but it promptly took a back seat to the then-unfolding global financial crisis. King is also a co-sponsor of the Reasonable Prudence in Regulation Act.
Shelley Berkley (D-NV), who introduced HR 2140, the Internet Gambling Study Act, is also a co-sponsor of HR 2266. The bill was designed to examine “proliferation of Internet gambling, including an analysis of its availability and use within the United States” along with the impact of the UIGEA. It reached 73 co-sponsors, but was not discussed on the floor of the House of Representatives. The measure was slated to be marked up in the House Judiciary Committee last July, but a debate over Karl Rove took center stage. Berkley has not introduced a similar bill during the current Congressional session.
Other co-sponsors of HR 2266 include Tim Bishop (D-NY), Joseph Crowley (D-NY), Bob Filner (D-CA), Michael McMahon (D-NY), George Miller (D-CA), Steven Rothman (D-NJ), and Bobby Scott (D-VA). Meanwhile, Frank’s Internet Gambling Regulation, Consumer Protection, and Enforcement Act (HR 2267) is up to 26 co-sponsors and was also introduced on May 6th. The bill establishes a complete licensing and regulatory framework for the internet gambling industry in the United States. A similar measure was introduced during the last Congressional session as HR 2046 and attracted 48 co-sponsors. However, like other bills that were not acted on during the 110th Congress, HR 2046 expired on January 3rd, prompting Frank to unveil new legislation.
HR 2267 focuses on consumer protection, as its name implies, and does not allow online betting on professional sporting events. It was fully endorsed by Harrah’s and YouBet.com and has also received the backing of industry organizations like the Poker Players Alliance (PPA).
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