Agencies Approve E-Gambling Ban Despite Protests - PC Magazine

[I Heart Gambling Online]

Internet gambling was dealt another blow Wednesday when the Treasury Department and the Federal Reserve approved a final rule banning the practice, despite protests from Democrats in Congress.

The agencies gave final approval to the Unlawful Internet Gambling Enforcement Act of 2006, which bans gambling businesses from accepting payments in connection with unlawful Internet gambling made via credit cards, electronic fund transfers, and checks.

Earlier this week, Rep. Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, asked Treasury to delay final implementation of the rule because it would be too burdensome for companies struggling to stay afloat in the current economic climate.

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