US Fed considering comments on Internet gambling rule - Globe and Mail

Reuters

April 2, 2008 at 12:59 PM EDT

WASHINGTON — The Federal Reserve is carefully considering all comments received on rules for a law banning bank and credit card payments to illegal Internet gambling sites, a Fed official said on Wednesday.

Louise Roseman, the Fed's director of reserve bank operations and payment systems, told a House Financial Services subcommittee that the biggest subject of comments on the Fed's proposed rule is the lack of clarity on what constitutes unlawful online gambling.

Roseman said gambling and financial industry commentators wanted to be told specifically which transactions should be blocked.

“Clarity on this point would permit them to design policies and procedures that they could be assured would meet the rule's requirements,” she said. “Still others, including some gambling businesses and many consumers, asked that the rule clarify that certain types of gambling, such as pari-mutuel betting or poker, are lawful.”

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