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| Staff Join Date: Feb 2008
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At the long awaited Congressional hearing on its Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA), bankers and private financial institutions joined disgruntled poker players in decrying what they consider to be an awkward and nonviable law. The UIGEA, introduced into a climate of already outlawed US online gambling, sought to ban credit card companies and others from processing cash flow from the US into (and ideally out of) offshore-based Internet gaming sites. "Congress itself isn't sure what they mean" So said Louise Roseman, head of the Federal Reserve's bank operations division, in reference to the confusing federal laws that are now under attack. The congressional laws were created with the intent of banning online gambling in the US, but it seems that due to the confusion created when members of congress realized that not even they could control the Internet, responsibility for enforcement of the ban was transferred to financial institutions - and laying handcuffs isn't really their line of work. Read more of this online gambling article here...
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