Bankers cheer Frank-Paul approach to Web gamblingSubmitted by soule on Mon, 04/14/2008 - 20:18
Of course the Banking institutions hate Dr. Paul because they will never dream to be bailed out under his Presidency but on this one where he is trying to stop regulating the Internet, they cheer him, but for other REASONS:
By Jessica Holzer
Posted: 04/14/08 06:30 PM [ET]
The banking industry is cheering a fresh assault on the 2006 federal crackdown on Internet gambling by an unlikely duo: House Financial Services panel Chairman Barney Frank (D-Mass.) and Rep. Ron Paul (R-Texas).
Frank has teamed up with the libertarian-minded Paul, who crusaded against big government during his recent White House bid, on legislation to block that law by forbidding federal officials from writing rules to implement it.
The pair introduced their bill on Friday, less than two weeks after federal officials testified to Frank’s committee that they were struggling to craft rules barring payments to illegal online gambling sites and banking industry representatives blasted the proposed rules as too onerous.
“I don’t know what can be done or will be done legislatively, but we certainly appreciate the interest,” said the top lobbyist for the American Bankers Association , Floyd Stoner, of the Frank-Paul legislation.
The bill could supplant legislation introduced by Frank last year to legalize and regulate online gambling. Though it has attracted 48 co-sponsors, that legislation has failed to gain steam in the House, which overwhelmingly supported the 2006 law to ban payments for online wagers deemed illegal under state laws.