Washington - Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, on Thursday introduced legislation intended to repeal the Unlawful Internet Gambling Enforcement Act, which outlawed most forms of Internet gambling in the U.S.

The bill would establish a federal regulatory and enforcement framework to license companies to accept bets and wagers online from U.S. citizens, to the extent permitted by individual states, Indian tribes and sports leagues.

The licenses would include protections against underage gambling, compulsive gambling, money laundering and fraud.

"The existing legislation is an inappropriate interference on the personal freedom of Americans and this interference should be undone," said. Rep. Frank, who added that the Financial Services Committee plans to hold a hearing on the regulation of Internet gambling in June.

Signed into law by President Bush in 2006, the Unlawful Internet Gambling Enforcement Act restricts the handling of payments by U.S. financial institutions for unlawful forms of Internet gambling.

In addition to U.S. companies, the Justice Dept. has also targeted operators of overseas Internet gambling operations that do business with U.S. citizens, making several high-profile arrests of top executives as they traveled in the U.S.

The issue has also come up at the World Trade Organization, where the island nation of Antigua and Barbuda -- which is home to many online casinos -- has so far successfully argued that the U.S. ban on Internet gambling violates free trade accords.

Related Links:
http://www.house.gov/frank/netgambling0407.html

http://www.theregister.co.uk/2007/04/25/barney_frank_uigea_repeal