Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Frank Fin. Services will act on online gambling bill
WASHINGTON (5/20/10)--Rep. Barney Frank (D-Mass.) on Wednesday said that his Financial Services Committee will act on H. R. 2267, the Internet Gambling Regulation Consumer Protection & Enforcement Act. That legislation, which was introduced by Frank and currently has 69 cosponsors, would give the U.S. Treasury the authority to license internet gambling operators to accept bets and wagers from U.S. citizens and to create regulations for those gambling operators. In a prepared statement submitted during a Wednesday House Ways and Means committee hearing on internet gambling, Frank said that enacting the legislation would bring the gambling industry “out of the shadows, benefit consumers and ensure that all of the revenue does not continue to exclusively benefit offshore operators.” The bill would also result in billions in currently uncollected taxes, Frank added. Similar legislation introduced by Rep. Jim McDermott would legalize many forms of online gambling and collect taxes on both winnings and on gambling account deposits. McDermott’s bill, the Internet Gambling Regulation and Tax Enforcement Act, would redirect 25% of those tax proceeds into foster care programs and could generate as much as $30 billion in funds for States and $41 billion in funds for the federal government. The Unlawful Internet Gambling Enforcement Act (UIGEA), which will become effective on June 1, will require credit unions and other financial institutions to establish and implement policies and procedures to identify and block restricted Internet gambling transactions, or rely on those procedures established by the payments system.
Other Resources

RSS





print
News Now LiveWire
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
40 minutes ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
1 hours ago
Kids learn budgeting with M&Ms http://t.co/SzXipTLX12
1 hours ago
Neb. #creditunions report widespread growth: 3Q review #NewsNow #system http://t.co/BavEljz15w
2 hours ago
Economic growth leaps in Nov, @ChicagoFed reports http://t.co/8Xo9lKLFf2
3 hours ago