Friday, July 23, 2010

House Financial Services Committee Schedules Mark Up of Internet Gambling Regulation Bill

/PRNewswire/ -- Yesterday, the House Committee on Financial Services announced that the Internet Gambling Regulation, Consumer Protection and Enforcement Act (H.R. 2267), legislation introduced by Chairman Barney Frank (D-MA) that would regulate gambling in the United States, will be marked up on Tuesday, July 27, 2010 at 10:00 am in Room 2128 of the Rayburn House Office Building. The mark up, which comes on the heels of Wednesday's hearing on the legislation before the full Financial Services Committee, is a critical next step for the bill to become law.

"This mark up demonstrates that Congress is serious about moving Chairman Frank's bill forward and establishing a strict regulatory framework for Internet gambling activity," said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative. "The passage of this legislation would be a win-win as it will protect consumers, create an estimated 32,000 new jobs over five years and provide federal and state governments with as much as $72 billion in new revenues over ten years."

The legislation, introduced by Chairman Frank in May 2009, would establish a framework to permit licensed gambling operators to accept wagers from individuals in the U.S. In addition to mandating an array of consumer protections, the legislation reinforces the rights of each state to determine whether or not to allow Internet gambling activity for people accessing the Internet within the state and to apply other restrictions on the activity as determined necessary. Since its introduction, a bi-partisan group of 69 co-sponsors has signed onto the legislation. A recent analysis by H2 Gambling capital predicts that Internet gambling regulation would create as many as 32,000 jobs over its first five years.

In May 2010, the House Committee on Ways and Means held a hearing to discuss a companion piece of legislation to the Frank bill introduced by Rep. Jim McDermott (D-WA), the Internet Gambling Regulation and Tax Enforcement Act of 2010 (H.R. 4976). This legislation would ensure the collection of license fees and taxes on regulated Internet gambling activities. According to a tax revenue analysis conducted by the Joint Committee on Taxation, regulated Internet gambling is expected to generate as much as $42 billion in federal government revenue over its first 10 years.

"During this difficult economy, the revenue and job creation potential that regulated Internet gambling provides will go a long way to help states and families alike balance their budgets," said Waxman.

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