New Waters
15 years ago
Morning...
Barney Frank’s HR 2267 Up to 23 Co-Sponsors
By Tom Jenkins for POKER NEWS DAILY
May 25, 2009
The Internet Gambling Regulation, Consumer Protection, and Enforcement Act, which was introduced in early May by Congressman Barney Frank (D-MA) and numbered HR 2267, has quickly attracted 23 co-sponsors.
A total of four co-sponsors latched onto the bill on May 21st, driving the number of proponents from 19 to 23. Among them is Joseph Crowley (D-NY), who represents the state’s Seventh District, which includes parts of New York City such as Queens and the Bronx. Also signing on was Bob Filner (D-CA), who represents the 51st District of the western state. Filner is the Chairman of the House Committee on Veteran’s Affairs and has been a figure on Capitol Hill since 1992. Michael McMahon (D-NY), who represents the 13th District of the original colony, became a co-sponsor of Frank’s HR 2267 on May 21st. His district includes Staten Island in New York City. The final new addition to the bill is Steven Rothman (D-NJ), whose Ninth District includes parts of Bergen and Passaic Counties.
Followers of previous online poker legislation will recognize many of HR 2267’s original co-sponsors. Shelley Berkley (D-NV) introduced legislation during the last Congress to study the internet gambling industry and the effects of the Unlawful Internet Gambling Enforcement Act (UIGEA), which was passed during the waning moments of the 2006 Congressional session. Like other measures concerning internet gambling, Berkley’s study bill did not see time on the floor of the House of Representatives. Robert Wexler (D-FL), who authored HR 2610 during the last Congress, is also a co-sponsor of Frank’s Bill. HR 2610 was dubbed the Skill Game Protection Act and exempted poker, bridge, mah jong, and other player versus player games from the UIGEA and Wire Act.
Twice in 2008, Frank introduced legislation to clarify the UIGEA by developing a comprehensive list of what was legal and illegal. The first version was HR 5767, which was submitted by Frank and Ron Paul (R-TX). It included an amendment by Peter King (R-NY), but did not make it out of the House Financial Services Committee last June. King’s amendment, which would have called for a laundry list to be developed of acceptable internet activities, was struck down by virtue of a 32-32 tie vote. The bill itself was then promptly defeated after an oral vote. Two of Frank’s strongest Republican allies in the House, Paul and King are both co-sponsors of HR 2267.
Also signing onto the bill is Jim McDermott (D-WA), whose Internet Gambling Regulation and Tax Enforcement Act (HR 2268) was introduced on the same day as HR 2267. The bill, which is similar to a measure introduced last year, calls for 2% of internet gambling deposits to be taxed, raising money for the Federal Government in the process. Frank is HR 2268’s lone co-sponsor, as the two pieces of legislation are companion bills. Steve Cohen (D-TN) is also a co-sponsor of HR 2267. The Memphis Congressman presided over a February hearing in the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law about midnight rules. As many poker players remember, the regulations of the UIGEA were passed as midnight rules by the outgoing Bush Administration and will go into effect on December 1st. They were officially adopted on January 19th, one day before then-incoming President Barack Obama took office.
Other co-sponsors of HR 2267 include Gary Ackerman (D-NY), Tim Bishop (D-NY), Mike Capuano (D-MA), Andre Carson (D-IN), Joseph Crowley (D-NY), Bill Delahunt (D-MA), Luis Gutierrez (D-IL), Alcee Hastings (D-FL), Jim McGovern (D-MA), George Miller (D-CA), Tom Perriello (D-VA), Gregorio Sablan (D-MP), Robert C. Scott (D-VA), and Melvin Watt (D-NC).
Also introduced by Frank earlier this month was HR 2266, the Reasonable Prudence in Regulation Act. The bill would delay the enforcement of UIGEA regulations for one year until December 1st, 2010.
Joye
15 years ago
Found at: http://www.pokernewsdaily.com/barney-frank-hr-2267-up-to-23-co-sponsors-2588/
Barney Frank’s HR 2267 Up to 23 Co-Sponsors
By Tom Jenkins for POKER NEWS DAILY | Posted on May 25, 2009
The Internet Gambling Regulation, Consumer Protection, and Enforcement Act, which was introduced in early May by Congressman Barney Frank (D-MA) and numbered HR 2267, has quickly attracted 23 co-sponsors.
A total of four co-sponsors latched onto the bill on May 21st, driving the number of proponents from 19 to 23. Among them is Joseph Crowley (D-NY), who represents the state’s Seventh District, which includes parts of New York City such as Queens and the Bronx. Also signing on was Bob Filner (D-CA), who represents the 51st District of the western state. Filner is the Chairman of the House Committee on Veteran’s Affairs and has been a figure on Capitol Hill since 1992. Michael McMahon (D-NY), who represents the 13th District of the original colony, became a co-sponsor of Frank’s HR 2267 on May 21st. His district includes Staten Island in New York City. The final new addition to the bill is Steven Rothman (D-NJ), whose Ninth District includes parts of Bergen and Passaic Counties.
Followers of previous online poker legislation will recognize many of HR 2267’s original co-sponsors. Shelley Berkley (D-NV) introduced legislation during the last Congress to study the internet gambling industry and the effects of the Unlawful Internet Gambling Enforcement Act (UIGEA), which was passed during the waning moments of the 2006 Congressional session. Like other measures concerning internet gambling, Berkley’s study bill did not see time on the floor of the House of Representatives. Robert Wexler (D-FL), who authored HR 2610 during the last Congress, is also a co-sponsor of Frank’s Bill. HR 2610 was dubbed the Skill Game Protection Act and exempted poker, bridge, mah jong, and other player versus player games from the UIGEA and Wire Act.
Twice in 2008, Frank introduced legislation to clarify the UIGEA by developing a comprehensive list of what was legal and illegal. The first version was HR 5767, which was submitted by Frank and Ron Paul (R-TX). It included an amendment by Peter King (R-NY), but did not make it out of the House Financial Services Committee last June. King’s amendment, which would have called for a laundry list to be developed of acceptable internet activities, was struck down by virtue of a 32-32 tie vote. The bill itself was then promptly defeated after an oral vote. Two of Frank’s strongest Republican allies in the House, Paul and King are both co-sponsors of HR 2267.
Also signing onto the bill is Jim McDermott (D-WA), whose Internet Gambling Regulation and Tax Enforcement Act (HR 2268) was introduced on the same day as HR 2267. The bill, which is similar to a measure introduced last year, calls for 2% of internet gambling deposits to be taxed, raising money for the Federal Government in the process. Frank is HR 2268’s lone co-sponsor, as the two pieces of legislation are companion bills. Steve Cohen (D-TN) is also a co-sponsor of HR 2267. The Memphis Congressman presided over a February hearing in the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law about midnight rules. As many poker players remember, the regulations of the UIGEA were passed as midnight rules by the outgoing Bush Administration and will go into effect on December 1st. They were officially adopted on January 19th, one day before then-incoming President Barack Obama took office.
Other co-sponsors of HR 2267 include Gary Ackerman (D-NY), Tim Bishop (D-NY), Mike Capuano (D-MA), Andre Carson (D-IN), Joseph Crowley (D-NY), Bill Delahunt (D-MA), Luis Gutierrez (D-IL), Alcee Hastings (D-FL), Jim McGovern (D-MA), George Miller (D-CA), Tom Perriello (D-VA), Gregorio Sablan (D-MP), Robert C. Scott (D-VA), and Melvin Watt (D-NC).
Also introduced by Frank earlier this month was HR 2266, the Reasonable Prudence in Regulation Act. The bill would delay the enforcement of UIGEA regulations for one year until December 1st, 2010.
Vulcanized Crawler
15 years ago
opmr is going down with market in general, but, after the run up due to the barney frank bill submitted. now, come june it may reverse split , which would be good in this case ( i say this one as most i dont like r/s), and then can trade with the big boys. gotta be up above a buck at least. with 19mm held in the freezer, that loosened up alone would make this fly. with the frank bill legalizing online gambling passed , you are rich. wait and see. this is a longer swing than i like but, we'll get there. average down and take advantage, i am
Vulcanized Crawler
15 years ago
well cutting and running is an option, but, reverse split has yet to be announced and, when you have companies with money in the bank and signed contracts, but, you want to have institutionals buying ....(and they usually require at least a buck a share to do so).....well, then reverse splits do work. when they dont work is for infamous penny stocks that have a dubious future at best and / or do it regularly....which does leave people high and dry. OPMR is the exception to the rule that scares you off and that's a shame.
restripe
15 years ago
from MWM, Bills Look to Overturn Online-Gambling Ban Article
MAY 6, 2009, 3:42 P.M. ET
By COREY BOLES
WASHINGTON -- A senior House Democrat introduced bills Wednesday that would suspend rules banning Internet-based gambling and seek to regulate it instead.
A third bill introduced by a Democratic member of the Ways and Means Committee would ensure that online gaming companies would start paying taxes to the U.S.
According to a recent study from consultancy PricewaterhouseCoopers, the U.S. Treasury could stand to gain $48.6 billion annually by taxing online-gambling companies.
This is the second consecutive year that the bills have been brought forward, in an attempt to undue a move in the last days of the Republican-controlled Congress in 2006 to ban Internet gambling.
House Financial Services Chairman Barney Frank said Wednesday at a news conference introducing his bills that he hadn't spoken to either House or Senate leadership nor to the Obama administration about the bills. But he said he planned on pushing the legislation through his committee before Congress breaks in August.
Rep. Jim McDermott of Washington is the author of the bill that would tax regulated online-gambling companies.
The ban is set to go into place in December, after the Bush administration moved to put rules enacting the ban in place toward the end of 2006.
Mr. Frank's legislation would allow companies to apply for a license allowing them to provide gambling services to U.S. residents. Applicants would have to meet the same standards as individuals wanting to work in the Las Vegas gambling industry.
They would have to be willing to subject to a review of their financial condition, corporate structure and business experience.
Companies would have to put in place controls to ensure that neither minors nor residents in states with laws in place banning online gambling could access their sites.
The bill also would attempt to mollify concerns of professional sports leagues by continuing a prohibition on gambling on pro sports.
Under the rules that are set to go into place, it would be up to financial-services companies that process credit- and debit-card transactions to determine which are related to illegal gambling activities.
The industry strongly objected to the rules, arguing that they shouldn't be expected to be sheriffs determining what transactions are against the laws.
Mr. Frank said that Rep. Shelley Berkley (D., Nev.), who represents Las Vegas and is one of the co-sponsors of the bill, has supported a ban on online gambling in the past.
The American Gaming Association, which counts among its members many of the large casino operators, has decided to remain neutral over the issue. The group had been another strong opponent of online gambling in the past.
insom
15 years ago
Frank killed them in the debate -
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Online gambling is an issue in the US that has politicians at opposite ends of the spectrum. There is no cut and dry answer to the issue, which is why lawmakers have already began lining up on both sides of the fence regarding Representative Barney Frank's new legislation proposal.
Frank unveiled his long-anticipated response to the Unlawful Internet Gambling Enforcement Act. In legislation proposed today, Frank calls for a complete overhaul of Internet gambling laws in the country.
"The government should not interfere with people's liberty unless there is a good reason," said Frank, "This is, I believe, the single biggest example of an intrusion into the principle that people should be free to do things on the Internet."
Opponents of online gambling have obviously opposed the new Bill, and Representative Spencer Bacchus from Alabama, who has been a thorn in the side of the online gambling industry, spoke of dangers for children.
"If you put a computer in a teenager's bedroom, or in a student's dorm room at college, it's a temptation that many fall prey to," said Bacchus in a statement, "In fact, studies have shown that the earlier one begins gambling, the more likely it is he or she will become a compulsive problem gambler."
That was a solid point that Bacchus made, however, it exemplifies why Frank is calling for regulations in the first place. Under Frank's plan, online gaming sites that acquire licenses from the US would have to ensure they are in compliance with laws that would require them to verify ages of their clients.
Currently, no such laws are in place and many more children are exposed to online gambling than would be allowed with Frank's Bill.
"The notion that a society should prohibit something entirely because of the possibility that children will abuse it is a terrible blow to liberty," said Frank.