MarketWatch
yesterday reported that Barney Frank has announced his Payments System Protection Act of 2008.
According to the article, this Act "would direct the Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to create a formal process to define what types of online gambling are unlawful to make it possible for the U.S. financial services industry to comply with the current ban on Internet gambling, as required by the Internet Gambling Enforcement Act of 2006, or UIGEA."
Interesting.
It seems that Frank has learned from his last attempt, and is becoming more pragmatic.
I think anybody, even Republicans, would agree that the UIGEA is a flawed law that needs reworking so that it doesn't bog the banking industry down by asking them to monitor their transactions according to rules that don't exist. In these harsh economic times, banks need to concentrate on staying afloat, rather than being Internet cops.
Frank's last bill failed because, much like the UIGEA, it was too vague and broad. Therefore it was easy for opponents to gang up and fight it with equally vague and broad arguments.
This bill will be hard to ignore.
Not only is this discussion necessary, but it forces a dialogue regarding exactly what types of online gambling will be considered illegal, and which might be considered legal.
This is a conversation Republicans don't want to have.
It will force the debaters to draw lines between online horse betting and why it is supposedly good and proper, and online sports betting, which is apparently pure concentrated evil. And let's not forget online poker, which falls somewhere in the middle.
Either way it is a discussion that, due to the UIGEA's vagueness, will be very hard to ignore. And yet it will force many of online gambling's opponents to openly reveal their hypocrisies as well.
Sounds like fun. I can't wait.