Frank ponders UIGEA repeal

Congressman Barney Frank (D-Mass) is contemplating an attempt to repeal the Unlawful Internet Gambling Enforcement Act, but reports stating Frank is actively working on this front are misleading.

"It's still in the thinking stage," Frank spokesperson Steve Adamske said.

Rumors about Frank's intentions have been floating around Internet gambling forums for weeks and came to a head yesterday when the Financial Times reported that Frank said he was gearing up for a repeal.

The rumor sent online game stocks soaring in London yesterday. PartyGaming, who dropped out of the U.S. market immediately following the UIGEA's passage, saw its stock rise 13 percent. 888 Holdings and Sportingbet also saw gains.

Frank is openly opposed to the UIGEA and holds a powerful position as the chairman of the House Committee on Financial Services. He railed against UIGEA's passage last October because he believes the law is an invasion of privacy.

But as for an actual repeal, or an attempt to allow online gambling to become a regulated U.S. industry, none are currently in the works, Adamske said.

Adamske did not say whether the Congressman might actively push for repeal anytime soon, but confirmed that Frank called the UIGEA "one of the stupidest laws ever passed" in the Financial Times.

The Congressman told Casino City last April that he didn't believe it was the government's job to tell people what they're allowed to do on the Internet.

"There is a combination of enduring Puritanism in America, along with a sense among liberals that gambling is tacky," Frank said. "They don't approve of it, so they want to ban people from doing it. It's totally inconsistent with the freedom of the Internet. Some people are going to spend too much money on gambling, and some people are going to spend too much money collecting coins on eBay. Why does the government have to get involved?"

Casino City Reporter Aaron Todd contributed to this report.