Tuesday, December 22, 2009

Another Supporter in Congress

Rep. Peter King of N.Y. has now come forward in support of Barney Frank and the overturning of the UIGEA. King is the former chairman and current ranking Republican on the Homeland Security Committee, which shows his support will go a long way to easing concerns from other members of Congress that online poker could serve as a facilitator of money laundering and terrorist activities. As a respected senior member of the Republican party, he will be able to bring more republicans over to the Frank side.
"All prohibitions are well intended," King said of the Unlawful Internet Gambling Enforcement Act at the Dec. 3 hearing held on the poker-related bills in the Financial Services Committee. "Sometimes they work and sometimes they don't. Usually they don't. In this case, I don't believe it is. We're losing revenue, and we're not achieving the social purpose that was intended."
Any Republicans concerned with Bachus' allegations toward online poker will hear a completely different story from an expert on U.S. security.
"I see no homeland security or terrorists threats or whatever," King asserted at the hearing. "If anything, regulation makes it less likely that there will be any significant threat."
"Peter King has a great reputation and a good understanding of the issue, especially given his position on the Homeland Security Committee as to the benefits of regulating Internet gambling against money laundering and fraud," said Michael Waxman, spokesman for the advocate group Safe and Secure Internet Gambling Initiative. "His support shows there is bipartisan support for regulating the industry, and hopefully more of his colleagues will follow."

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