Washington, D.C., Dec. 3, 2009 — Experts in the fields of online security and consumer safety testified today before the House Committee on Financial Services to address legislation introduced by Chairman Barney Frank (D-MA) that would regulate Internet gambling in the United States. Witness testimonies provided further evidence to Committee members that a regulatory framework for Internet gambling would protect consumers and ensure the integrity of Internet gambling financial transactions. Chairman Frank has previously indicated interest in having the House Financial Services Committee vote on his legislation, the Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267) as the next step in getting the bill enacted into law during this Congress.
The hearing highlighted the success of existing systems and technologies in blocking minors from gambling online, combating compulsive gambling and protecting consumers against money laundering, fraud and identity theft.
It’s time to regulate gambling on the Internet rather than outlaw it, says Rep. Barney Frank, the chairman of the House Financial Services Committee.
Reps. Barney Frank (D-Mass.) and Peter King (R-N.Y.) introduced legislation Wednesday that, if passed, would create regulatory framework for online gambling in the United States, and that is sure to please poker players. But the opposition is formidable and includes conservative groups that view gambling as exploiting the vulnerable, particularly the poor.
“Internet gambling in the United States should be controlled by a strict federal licensing and regulatory framework to protect underage and otherwise vulnerable individuals, to ensure the games are fair, to address the concerns of law enforcement, and to enforce any limitations on the activity established by the states and Indian tribes,” the 48-page bill reads.