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Poker Blog established in 2003 as the first stop for poker news, poker stories, and bad poker advice.

April 3, 2008

UIGEA: Troubled child of troubled parents

by Otis

"I am not a biblical scholar," Rep. Barney Frank admitted of his inability to understand. The conservative mores of his colleagues on the other side of the aisle are confounding to some members of Congress. "But I can't find an exemption for horse racing!" The sport of kings' absence in the good book notwithstanding, Frank had a point.

The scene was Wednesday's House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade and Technology hearing and a debate that should've been conducted before the Unlawful Internet Gambling Enforcement Act became a reality (UIGEA live blog ).

Frank, one of the UIGEA's most vocal opponents, was pointing out a common theme in America's stance on federal gambling law enforcement: hypocrisy. It's an environment where gambling on juiced up athletes and ponies is perfectly acceptable, but betting on a skill game over which the player can affect the outcome is not.

The Committee hearing was one of the--if not the first--public discussions of the UIGEA, a law attached to must-pass port security legislation and spirited through the halls of the Capitol in the waning moments of the 2006 Congressional summer session. After nearly two years of being a burden only on confused government regulators, the law now threatened to disrupt the lives of many more people.

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April 2, 2008

UIGEA 'Burden Without Benefit' Live Blog

by Otis

The House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade and Technology (say that five times fast) is holding a hearing this morning to talk about the proposed regulations for the Unlawful Internet Gaming Enforcement Act. Given technology works the way it is supposed to, we'll be live blogging the whole of the hearing (you can find the live portion of the blog after the jump).

Scheduled to start at 10am ET, the hearing looks to be favorable toward the position that the UIGEA is an unnecessary law that puts the onus on American banks to serve as an unfunded law enforcement arm of the federal government. Then again, the way things work in Washington sometimes, it might turn out to feature balloon sculptors and Hoppy the Sad Clown.

Among the scheduled witnesses in the hearing are:

  • Ms. Louise L. Roseman, Director, Division of Reserve Bank Operations and Payment Systems, Board of Governors of the Federal Reserve System

  • Ms. Valerie Abend, Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy, U.S. Department of the Treasury

  • Ms. Harriet May, President and Chief Executive Officer, GECU of El Paso, Texas on behalf of the Credit Union National Association

  • Mr. Wayne A. Abernathy, Executive Vice President, Financial Institutions Policy and Regulatory Affairs, American Bankers Association

  • Mr. Leigh Williams, BITS President, The Financial Services Roundtable

  • Mr. Ted Teruo Kitada, Senior Company Counsel, Legal Group, Wells Fargo & Co.
  • More Information

    National Sports Leagues Letter on UIGEA

    Links to transcripts of UIGEA hearing and additional letters -- HERE

    UIGEA Burden Without Benefit Webcast--No longer available

    House Committee on Financial Services website

    Poker Players Alliance

    ******

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