Frank will be "pushing" UIGEA repeal

WASHINGTON, D.C. -- As reported by Reuters: "A senior Democratic lawmaker said on Thursday he would push to pass legislation to repeal a three-year-old U.S. ban on Internet gambling that has hurt trade ties with European Union.

"'I'm going to be pushing it,' House of Representatives Financial Services Committee Chairman Barney Frank told reporters at a press conference to lay out his agenda for reforming U.S. financial regulation.

"Work on drafting the legislation should be completed this month, a House aide said.

"Congress attempted in 2006 to quash online gambling in the United States by barring businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic fund transfers and checks.

"European online companies lost billions in market value after the Unlawful Internet Gambling Enforcement Act became law and they withdrew from the U.S. market..."