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HR 2267 Frank Bill Amendments

HR 2267 Frank Bill Amendments

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Published by Dan Michalski
a breakdown of the amendments added to and subtracted from HR 2267 in Barney Frank's House Financial Services Committee ... document props to http://gamblingcompliance.com
a breakdown of the amendments added to and subtracted from HR 2267 in Barney Frank's House Financial Services Committee ... document props to http://gamblingcompliance.com

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Categories:Business/Law
Published by: Dan Michalski on Aug 03, 2010
Copyright:Attribution Non-commercial

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08/11/2010

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HR 2267
 –
Frank Bill Amendments
A Special Report By The GamblingComplianceResearch Team
 
 
Page|
2
HR 2267
 –
Frank Bill Amendments, July 30, 2010
 
Author: Elizabeth Cronan, James Kilsby, GamblingCompliance Ltd. ©Publication Date: July 30, 2010Publication URL: http://www.gamblingcompliance.com/node/43862 
Contents
 
Page|
3
HR 2267
 –
Frank Bill Amendments, July 30, 2010
 
Domestic interests
– 
including state lotteries and Indian tribes
– 
werestrengthened by amendments added to Rep. Barney Frank's bill to regulateonline gambling in the United States, which was approved by the HouseFinancial Services committee this week.
Introduction
The House Financial Services Committee voted 41-22 on Wednesday to pass a bill that would legalizeand regulate Internet gamblingin the United States.The decisive vote signalled a growing movement in Congress toward regulating and taxing Internetgambling as other proposals also remain pending both in the House and the Senate.Seven of the committee's 29 Republicans voted for the bill, which was originally authored by thecommittee's Democratic chairman, Rep. Barney Frank of Massachusetts.Rep. Frank's H.R. 2267 would authorize the US Secretary of the Treasury to establish a system to license and regulate Internet wagering, subject to additional oversight and licensing investigationsperformed by recognized state gaming authorities.Wednesday's mark-up of Rep. Frank's H.R. 2267 saw fresh amendments attached for the bill,including several that would appear to significantly strengthen the hand of domestic interests in theevent that Congress moves to approve the legislation before the turn of the end of the currentsession.Among the successful amendments, which are summarised below, are proposals that would excludefrom US licensing any companies that have previously violated existing state or federal gamblinglaws, as well as restrictions that would require applicants to have a substantial presence within theUnited States.Other amendments clear the way for state lotteries to move online to offer games over the Internetwithin the confines of their own state borders outside of any federal approval.State lotteries
 –
as well as Internet horse racing operators
 –
would also be excluded from a blanketban on credit card payments for online gambling as proposed by committee chairman Frank himself.The marked-up Frank bill also clarifies that nothing in the proposed legislation would require Indiangaming tribes to renegotiate existing compact agreements covering their land-based casinos.

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