Barney Frank Reintroduces the Payments Systems Protection ActHR 6870 Scheduled for Markup Tuesday |
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Congressman Barney Frank (D-Mass.) has reintroduced the Payments Systems Protection Act, and the bill will get marked up in the House Financial Services Committee on Tuesday.
The new bill, HR 6870, is “to ensure that implementation of proposed regulations under subchapter IV of chapter 53 of title 31, United States Code, does not cause harm to the payments system, and for other purposes.” The only regulations that would continue to be upheld are those concerning online sports bettors. After regulations are supspended, the bill calls for the U.S. Treasury and Federal Reserve to work together with the Attorney General’s office to establish what is acceptable under the provisions of the Unlawful Internet Gambling Enforcement Act (UIGEA) after a full economic impact study of the proposed regulations.
The first version of the Payments Systems Protection Act, HR 5767, would have prohibited the U.S. Treasury and Federal Reserve from finalizing the proposed regulations for the Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). Congressman Peter King (R-NY) also introduced an amendment that would require the Treasury and Federal Reserve to work hand in hand with the U.S. Department of Justice to establish what is legal under the UIGEA. The bill was also co-sponsored by Ron Paul (R-TX), but it failed to pass by a vote of 32-32.
Agreeing that it is unfair to force U.S. financial institutions to implement a law that is unclear, and that the King amendment makes great improvements to HR 5767, Frank and King are now co-sponsoring the new Payments Systems Protection Act of 2008, HR 6870.
The new bill is scheduled to be marked up in Committee on Tuesday. Amendments can be added as needed during the markup process, and if approved by Committee, HR 6870 will be scheduled for a vote on the floor of the U.S. House of Representatives.
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