Bankers Speak Out against the UIGEA
Many people felt that the Republican Congress’ passage of the Unlawful Internet Gambling Enforcement Act as part of the SAFE Port Act of 2006 was a backhanded way for the conservative Congress to legislate morality. Online gambling advocates hope that with the transfer of power to Democrats, the UIGEA will be carefully examined and perhaps even repealed. That process may have begun early this month.
Bankers Testify Against UIGEA
On April 2, four banking representatives, Wayne Abernathy for the American Bankers Association, Ted Teruo Kitada for the Senior Company, Leigh Williams for the Financial Services Roundtable and Harriet May for the Credit Union, appeared, to testify that the bill, which prohibits American banks from transacting with non US online casinos under threat of legal prosecution, puts too much of a burden on the banking industry.
Proponents for the UIGEA
There was only one vocal proponent of the UIGEA, Alabama Representative Spencer Bachus, who railed briefly about the evils of gambling. Other members of Congress have been vocal in their support of a repeal of the act.
Problems with the UIGEA
Although today’s hearing was about the problems banks face both financially and logistically in scrutinizing every transaction for evidence of US online casino gambling, problems with the act abound and are obvious to many, including the questionable validity of the U.S. trying to legislate the activities of a company acting outside the U.S., the distinction between poker as a game of skill and other forms of gambling in online casinos, and the issue of whether banning online gambling interferes with an individual’s inalienable right to pursue happiness. Many further hearings are likely to occur over the course of this session of Congress.
More information on the UIGEA document get here .
If you are interested in some additional news and other oppinion - read in open congress site.