Barney Frank Introduces Internet Gambling Regulation Act

Barney Frank, Chair of the House Committee on Financial Services, has issued a bill entitled "Internet Gambling Regulation Consumer Protection and Enforcement Act of 2009". The bill calls for a federal system to license, regulate, and tax internet gambling operators. The bill also mentions safeguards such as enforcing age limits, protecting against money laundering attempts and guarding against compulsive gambling.


The bill has not been signed but the poker community, as well as the Poker Players Alliance are happy to see the bill finally issued. "Online poker is a legal, thriving industry and poker players deserve the consumer protections and the freedom to play that are provided for in this legislation," said Alfonse D’Amato, Chairman of The Poker Players Alliance.

The bill would also reverse the Unlawful Internet Gambling Enforcement Act of 2006 which made it illegal for banks or other institutions to process transactions for online betting.

"No financial transaction provider shall be held liable for engaging in financial activities and transactions for or on behalf of a licensee or involving a licensee, including payments processing activities, if such activities are performed in compliance."

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