Barney Frank Attempts to Mitigate UIGEA Damage

Barney Frank continues to use the tools of reason to assault the poor piece of legislation that is the Unlawful Internet Gambling Enforcement Act. In partnership with Representative Ron Paul, Frank has introduced a bill forbidding the Federal Reserve and the Department of the Treasury from implementing any form of regulation or enforcement of the UIGEA.

On April 2nd, an assortment of groups including the American Bankers' Association, the Credit Union National Association, the Financial Services Roundtable, and representatives from the Fed and the Treasury testified before a Congressional subcommittee that the UIGEA does not adequately define what constitutes illegal online gambling, nor does it allow for any reasonable form of enforcement.