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Lawmakers discourage USA online casino gambling rules

October 8 2009

Leading House Democrats and Republicans are recommending federal lawmakers to put off new regulations intended to outlaw USA online casino gambling.

House Financial Services Committee Chairman Barney Frank and Rep. Pete King , along with 17 additional legislators, advocated federal lawmakers to put off the effectual date of the new regulations by one year. The statutes are set to come into effect on Dec. 1.

In a letter to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner, the legislators expressed a law passed in 2006 to illegalize the practice is "flawed."

"We also believe this is an unreasonable burden on regulators and the financial-services industry at a time of economic crisis," they noted.

The Unlawful Internet Gambling Enforcement Act, endorsed by President George W. Bush in 2006, was aimed to avert financial organizations from making instalments correlated with USA online casino gambling.

While they are pushing regulators to force the alteration, the legislators wrote that body of laws intended to put off the effective date is "likely to move" in Congress.

House Financial Services Committee Chairman Barney Frank introduced a bill this year with 60 co-sponsors that would make legal and regulate USA online casino gambling.

Conservative Christian groups and some professional sports leagues are in opposition to making legal and taxing USA online casino gambling.

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