Congressman Barney Frank's Payments Systems Protection Act has passed the U.S. Congress House Financial Services Committee on a vote of 30-19. In June, the first version of the bill failed in a 22-22 tie vote but changes in the language and some serious political arm-twisting will now lead to a vote of the full House of Representatives. When this will take place is in question, as the Congress is scheduled to adjourn to allow members to go home and campaign for the November elections.
Congressman Frank said,
“We made some changes to [HR 5767] to try to get a majority of the votes as well as a broader agreement. First, it had always been our intention to allow pro sports leagues to opt out. They asked to be opted out of the bill and we’ve done that. The bill will protect sports from being included. It also asks that a list be prepared by the Treasury of what is and isn’t acceptable. You have a right to know what the law is and this would give people the right to know what is and isn’t covered under the UIGEA.”
An amendment to the bill, also introduced by Congressman Frank, calls for professional sports leagues to be able to be exempt from the bill as well as what Safe and Secure Internet Gambling Initiative spokesperson Michael Waxman called a “black list” to be developed to determine what activities are permitted under the UIGEA. Also in this time of financial crisis for the banks and other third party transfer sites, the onus of a poorly written law would be removed or at least clarified.
