Home / Poker News May 2010 / Internet Gambling Regulation and Tax Enforcement Act hearing scheduled
Internet Gambling Regulation and Tax Enforcement Act hearing scheduled
Posted by: James Carter. - Sun, 2010-05-09 03:14
With the UIGEA deadline fast approaching, and with Barney Frank sidelined for the moment, the internet gambling and
online poker industry looks to Rep. Jim McDermott’s Internet Gambling Regulation and Tax Enforcement Act for salvation. Hopes are high as the bill will apparently undergo a hearing by the House Ways and Means Committee, on May 17 or possibly on the 19th-20th. This hearing will mark the first time McDermott’s bill will be looked at separately by Congress. The bill was originally conceived as a companion for Barney Frank’s Licensing and Regulation initiative.
The reason why Frank appears to be out of action on the online gambling front is a scheduling conflict. After the House Financial Services Committee hearing regarding his bill in December, Frank said he would revisit the issue but not before a separate hearing on the UIGEA was held. That hearing was originally scheduled for April 16th and got delayed. It still hasn’t been re-scheduled, which pretty much means Frank will be busy with other issues for the time being.
While Barney Frank’s bill is one focused on the general benefits of legalizing and regulating online gambling (insisting on better control over problem and underage gambling and fraud), McDermott’s bill is focused on the revenue that potential taxation could bring along.
According to John Pappas of the PPA (Poker Players’ Alliance), McDermott’s bill brings a whole new set of arguments to the hearings table. Whenever Barney Frank’s bill was discussed, the potential revenue it could generate was never really touched.
The hearing could potentially generate decisive support for the issue through Eric Cantor, who is a key member of the Ways and Means Committee, and also the Minority Whip. If he decided to side with the issue, many of the Republican members, who currently represent the core of the opposition to legal online poker and gambling could also switch stance on the matter.
According to Pappas, because the committee is not really familiar with the issue, radical changes in the way its members view the problem could occur.
Whether or not the hearing will make any sort of difference at all remains to be seen. With the UIGEA deadline fast approaching, it would surely be quite a sight for sore eyes to see something stir in the right direction though…
