Tuesday, August 3, 2010

Barney Frank's Bill Passed House Committee

Barney Frank’s H.R. 2267 was approved on July 28 by the House Financial Services Committee. Now we just wait for the full-scale congressional voting.

Written by Sewell Chan at the New York Times: "On Wednesday, the House Financial Services Committee approved a bill that would effectively legalize online poker and other nonsports betting, overturning a 2006 federal ban that critics say merely drove Web-based casinos offshore, backed by banks and credit unions but have divided casinos and American Indian tribes — are far from becoming law. A bill to legalize online poker sponsored by Senator Robert Menendez, Democrat of New Jersey, has not yet had a hearing. The Congressional timetable has little spare room before the midterm elections, and the Obama administration has not taken a position."

The bill, if passed in Congress, will create a strict licensing system for internet poker rooms doing business in the U.S., as well as implementing software standards and limits on what players can bet or lose in a given time period.

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