Posted Tue Jul 11, 2006 12:20 pm GMT by vyni
Roll 360 of July 11th 2006, voted to consider hr4411. Nothing to be really concerned about, but its fun to watch this stuff sometimes.
Click here for the actual 4411 text (pdf format).
About hr4411, from financialservices.house.gov:
H.R. 4411, Unlawful Internet Gambling Enforcement Act of 2006
Introduced by Representative Jim Leach (IA) on November 18, 2005, H.R. 4411, The Unlawful Internet Gambling Enforcement Act of 2005, would prevent the use of credit cards and fund transfers for unlawful Internet gambling and would allow the blockage of financial transactions associated with illegal gambling.
Since its beginning, illegal Internet gambling has surged. This year alone, Americans will send $5.9 billion to unregulated, offshore, online casinos; nearly half of the $12 billion bet worldwide on Internet gambling. Internet gambling’s characteristics are unique: online players can gamble 24 hours a day from home; children may play without sufficient age verification; and betting with a credit card can undercut a player’s perception of the value of cash, leading to addiction, bankruptcy, and crime.
Rep. Leach said, “Unlike brick-and-mortar casinos in the United States that provide jobs and tax revenues, Internet gambling sites yield no benefits to Americans. These sites evade U.S. gambling regulations that control gambling by minors and problem gamblers, and ensure the integrity of the games. Young people are particularly at risk. What's more, FBI and Justice Department experts have warned that Internet gambling sites are often fronts for money laundering, drug trafficking and even terrorist financing. H.R. 4411 would create strong tools to help federal and state governments to cut the money flow from gamblers to Internet gambling sites.”
H.R. 4411 would enhance criminal penalties for settling Internet wagers with credit cards, checks, or fund transfers. It would also require payment systems to establish procedures for blocking these transactions.
Financial Institutions and Consumer Credit Subcommittee Chairman Spencer Bachus (AL) said, “Internet gambling is a threat to the most vulnerable in our society, young people and problem gamblers. As a long-standing supporter of efforts to curb Internet gambling, it is my hope we can move forward this year with meaningful reforms. In the time we’ve been debating this issue, Internet gambling sites have overrun the Internet. It has taken way too long.”
H.R. 4411 is similar to legislation offered by Rep. Leach in the 106th (H.R. 4419), 107th (H.R. 556), and 108th (H.R. 21) Congresses.
Rep. Leach offered a manager’s amendment that requires the Secretary of the Treasury and the Federal Reserve Board to prescribe regulations requiring any payment system to establish policies and procedures reasonably designed to identify and block restricted transactions and make other technical changes.
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Posted Wed Jul 12, 2006 11:19 am GMT by vyni
Sigh, they passed her with a vote of 317 - 93. Lets see what happens in the senate next.
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