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As with most political hot issues,lawmakers failed to agree on setting a clear definition of illegal Internet gambling to go along with a ban on online betting passed in 2006. The Federal Reserve and the Treasury Department have been unable to finalize rules to implement the ban because Congress didn’t clearly define online gambling when it passed legislation less than two years ago.
The House Financial Services Committee voted Wednesday on legislation to require federal regulators to write a uniform definition of which types of gambling should and should not be allowed on the Internet, followed by new rules implementing the ban. The tie vote, 32-32, meant the legislation failed under committee rules.
Senate Republicans, pushed by then-Majority Leader Bill Frist of Tennessee, had attached the online gambling ban to an unrelated port security bill in a rush of year-end legislation in 2006. Banks and other financial institutions have complained that they are being forced into a law enforcement role because the Internet gambling ban prohibits them from accepting payments to settle online wagers without giving them a clear set of rules. I think it is just a matter of time till some smart politician (I know it is an oxymoron) figures out how to make some sweet tax dollars and the US reverses this decision.