On July 28th, 2010, the House Committee on Financial Services voted to approve the Internet Gambling Regulation and Consumer Protection and Enforcement Act (HR 2267), which would regulate Internet gambling in the U.S. and require licensed operators to admonish underage and problem gambling. The legislation, introduced by Committee Chairman Barney Frank (D-MA) in May 2009, passed by a 41-22 vote.
According to Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative, the legislation's bi-partisan vote is “nothing short of historic.” He said only a few bi-partisan bills come out of the Financial Services Committee and this time, both sides agreed to advance this important legislation.
Rep. John Campbell (R-CA) included additional clauses that would require licensed operators to have customers choose loss limits before being able to play online and to put safeguards that ensure customer privacy, security, and protection against fraud and money laundering. Each state would also have the rights to apply other restrictions as determined necessary.
In relation to Rep. Frank's bill, Rep. Jim McDermott (D-WA) introduced the Internet Gambling Regulation and Tax Enforcement Act of 2010, which would collect license fees and taxes on regulated Internet gambling activities. According to tax revenue analyses, this will generate up to $42 billion in federal government revenue over the first 10 years and generate as many as 32,000 jobs over the first five years.
“This historic bi-partisan support demonstrates high priority,” said Carlo B., http://www.hollywoodpoker.com Marketing Manager. “Americans should benefit from this economically and should no longer be vulnerable by playing in unregulated online gambling sites.”
U.S. Chamber of Commerce, the Financial Services Roundtable and the National Association of Federal Credit Unions also announced support for the legislation.
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