On Friday, ten additional members of Congress joined with them to co-sponsor a bill known as H.R. 5767. The Bill would prohibit the Secretary of the Treasury and the Board of Governors of the Federal Reserve from proposing, prescribing, or implementing any regulation under subchapter IV of chapter 53 of title 31, United States Code, and for other purposes.
A hearing was held on April 10th of this year in the House Financial Services Committee that was specific about the proposed rules. Testimony given by members of the Banking Industry and others, demonstrated the inability of government to define adequate means of restricting only those transactions that may be illegal.
In addition, Banks and processing companies would be the primary law enforcement entities responsible for monitoring such activity.
On Friday, the following congressional leaders joined with Frank and Paul to put an end to the futility of such a law.
Rep. Peter T. King [NY-3]
Rep. Wm. Lacy Clay [MO-1]
Rep. Shelly Berkley [NV-1]
Rep. James P. McGovern [MA-3]
Rep. Bob Filner [CA-51]
Rep. Luis V. Gutierrez [IL-4]
Rep. Robert Wexler [FL-19]
Rep. Gary L. Ackerman [NY-5]
Rep. Michael M. Honda [CA-15]
Rep. James P. Moran [VA-8]
The Congressman realize that without a clear definition of illegal Internet gambling, there can be no law that would effectively control the flow of money to Online Casinos. Therefore, these congressman and women are trying to focus the energy of these important agencies to areas that need much more attention. The declining value of homes, high foreclosure rates, high fuel and energy prices, and a looming recession that threatens all Americans are much more important to the security of this nation.