Congressman Barney Frank to repeal the US online gambling law

After weeks of rumors that Congressman Barney Frank (D-Mass), who is the chairman of the House financial services committee, is working on repealing the Unlawful Internet Gambling Enforcement Act (UIGEA), the Financial Times today published on their website, and was later confirmed by his department, that the Congressman indeed has the full intentions of removing this law from the books. He has also been quoted to call the law " stupidest law ever passed".

There have been no details released to the specific actions that would be taken by the Congressman or as to the timeframe of those actions. It is also unsure if Congressman Frank would get the support needed to overturn this bill. The US Treasury is currently working on the ways of implementation of the UIGEA, which are expected to take shape this summer.

03/14/2007