UIGEA Gets Shredded at House Session

Be careful...be very, very careful. Those were the words of subcommittee chairman Luis Gutierrez, that he stated to 2 key witnesses for the Unlawful Internet Gambling Enforcement Act (UIGEA). The reason why? The subcommittee had never been more heated, never been more dramatic--ever---in its discussion about the internet gambling ban.

The biggest issue is how banks are able to actually enforce the act, because as proven by the naysayers of the ban--for one site where a transaction may be illegal, on another it is fine and dandy. Does the banking system have the sophistication and the infrastructure to differentiate? Hello? Is this thing on? When asked the questions, Louise Roseman of the Federal Reserve Bank had little to no answers.

With all of these ambiguities, the biggest thing that Barney Frank, who has been the biggest opponent of the ban, is trying to prove--is pretty simple--you can't ban what you can't enforce, and therefore then the energy, manpower, and all of the stipulations are all for naught--so why even have it??

Again...more drama....but it looks like at least for now the seesaw is teetering towards the possible dismissal of the ban...but it won't be that easy!

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