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The hearing being held today is going great! Many members of the sub-committee are pointing out the ridiculous holes in the UIGEA.
The second panel discussion included testimony from major banks like Wells Fargo, as well from Wayne Abernathy from the American Banking Association. They, more vehemently than the first panel witnesses, ripped apart the UIGEA. They ripped apart the fact that banks must determine what illegal gambling transactions are, they pointed out how customer service and satisfaction would diminish if the banks were foced to enforce the law, and they stated that banks would probably block all transactions even thought to be illegal, even if, in fact they were perfectly legal.
Read our article on the second portion of today’s hearings here.
Quote:Also of great concern to at the members at the Hearing was the issue that the law was passed for moral reasons, yet it allowed for gambling via the Internet on horses. Rep. Frank pointed out to the committee, that betting on horses is also gambling, so it too should be considered immoral and thus banned.Hello, and Las Vegas should be turned off tomorrow, too. And how about closing casinos on Sundays? and the boooooze, it just HAS to stop.
Thanks CGW
@CGW 158570 wrote:
Barney Frank pointed out that if a customer’s legal transactions are blocked by their banks or credit card companies, it could have an adverse effect on the competition of American banking systems with the rest of the world’s banking systems. ABA representative, Wayne Abernathy, agreed that enforcing this law could weaken America’s competitive advantages over international banks.]
This part had to hit the Achilles’ heel a bit with our banking crisis going on.
I just hope Barney doesn’t have an hidden agenda
But any news like this is good
Brad
Does anybody have a time line for when this will be resolved?
Haha, the politicians certainly don’t.
