House Financial Services Committee schedules Mark Up hearing of Internet Gambling Regulation Bill for July 27th

The House Financial Services Committee notified that Barney Frank’s HR 2267 Internet Gambling Regulation, Consumer Protection and Enforcement Act will be marked up on Tuesday, July 27th, 2010 at 10:00 am. This means the committee will meet to revise the proposed legislation and amend and rewrite the bill before it is sent to the House of Representatives for its final voting.

"This mark up demonstrates that Congress is serious about moving Chairman Frank's bill forward and establishing a strict regulatory framework for Internet gambling activity. The passage of this legislation would be a win-win as it will protect consumers, create an estimated 32,000 new jobs over five years and provide federal and state governments with as much as $72 billion in new revenues over ten years."said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.

The bill, introduced by Chairman Barney Frank in May 2009, would create a legal framework to license and tax several form of online gambling in the U.S, including online poker. The bill proposes a series of consumer protections and reinforces the rights of each state to determine whether or not to allow Internet gambling activities within the state and to apply other restrictions if necessary. Since its introduction, 69 co-sponsors has signed onto the legislation.

In May 2010, the House Committee on Ways and Means held a hearing to discuss the Internet Gambling Regulation and Tax Enforcement Act of 2010 (H.R. 4976), a companion piece of legislation introduced by Rep. Jim McDermott (D-WA). The bill would ensure the collection of license fees and taxes on regulated online gambling activities. According to a tax revenue analysis conducted by the Joint Committee on Taxation, regulated Internet gambling is expected to generate as much as $42 billion in federal government revenue over its first 10 years.

"During this difficult economy, the revenue and job creation potential that regulated Internet gambling provides will go a long way to help states and families alike balance their budgets," added Waxman.