Barney Frank, online poker in America’s reigning congressional hero is at it again trying to get some issues from the ill worded UGIEA straightened up in an attempt to make the American business environment more accepting and viable for online poker and online gaming. The bill seeks to define exactly what types of online gaming transactions are unlawful for American financial institutions to support.
The Federal Reserve System and The Department of the Treasury both admit that UGIEA is confusing and will be very difficult for financial institutions to follow properly. Frank’s bill will hopefully bring some clarification to the daunting bill that in addition to making most forms of online gaming in America illegal has also made the online gaming environment in the United States ambiguous as ever.
Another facet of the bill would be the requirement of an administrative law judge to define exactly what is unlawful internet gambling and for a report on economic impact and consequences on American financial institutions. This bill is similar to an earlier attempt by Frank to bring some clarification to UGIEA. The last attempt failed to make it to the table from Frank’s own committee debating the issue.