Representative Barney Frank has been outspoken in his efforts to make changes to the Unlawful Internet Gambling Enforcement Act. He believes the way to deal with Internet gambling is to regulate the industry.

His latest move was to introduce legislation that would stop the federal government from imposing regulations on financial institutions. In the regulations, the financial institutions would have to police themselves when dealing with online gambling.

Frank, along with Representatives Peter King of New York, and Luis Gutierrez from Illinois, have sent a letter to members of Congress, expressing their views, and seeking support.

"Given the many other priorities that are pending at your agencies...we believe it would be imprudent for you to devote additional agency resources to this Sisyphean task," the group wrote in letters to members of the Federal Reserve and Treasury.

They also advised that creating regulations for the Bill would be a waste of time, since their are Bills being proposed that would regulate online gambling, thus making the UIGEA obsolete.

In recent hearings on the UIGEA, many experts testified that it would put a heavy burden on financial institutions if they had to police themselves. Members of the American Bankers Association, Financial Services Roundtable, Wells Fargo, and the Credit Union National Association were some of the groups that testified at the hearing.

Source:http://www.casinogamblingweb.com/