The chair of the House Financial Services Committee is considering legislation that would overturn the ban on online gambling passed last fall.
A spokesman for Democratic Representative Barney Frank, of Massachusetts, said today the congressman may introduce a bill to reverse the Internet gambling law.
Spokesman Steve Adamske stressed there is nothing concrete yet and described the bill in the thinking Stage.
The Financial Times quoted Frank today saying that the law is, quote, “preposterous.” He also called it one of the “stupidest” ever passed.
the act makes it illegal for U-S banks and credit-card companies to process payments to online gambling businesses outside the United States.
The legislation caused British companies like Sportingbet P-L-C and Leisure and Gaming P-L-C to sell their U-S operations.
Source: Associated Press