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House Financial Services Committee Votes to Legalize, Tax Some Online Gambling
By Colby Adams
printThe U.S. House Financial Services Committee approved a measure Wednesday that would legalize some Internet gambling and diminish the compliance duties of financial institutions monitoring for online bets and payouts. The Internet Gambling and Consumer Protection Act, which passed with bipartisan support from lawmakers 41 to 22, would allow Internet gambling companies to operate in the United States if licensed by the U.S. Treasury Department. The bill would continue prohibitions on sports betting with the exception of horse racing. The measure, introduced by committee chairman Barney Frank (D-MA) in May 2009, would also lessen the compliance duties of banks, which...
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