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Bankers back Frank's attack

Date: April 24, 2008 | Category: Online Bingo News |

The US banking industry has voiced support for Barney Frank’s attack on the current Unlawful Internet Gambling Enforcement Act (UIGEA), according to reports.

Officials from the US Treasury have admitted the UIGEA is proving difficult to regulate and the opposition of the financial industry will only cause further problems for the act.

In an article in Washington DC publication The Hill, American Bankers Association lobbyist Floyd Stoner said: “I don’t know what can be done or will be done legislatively, but we certainly appreciate the interest.”

Frank said in a statement: “While I do disagree with the underlying objective of the act (UIGEA), I believe that even those who agree with it ought to be concerned about the regulations’ impact.”

The UIGEA hit the global online bingo market hard in 2006 by effectively closing off the American market to non-US operators.

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