Frank’s Online Gambling Proposal Gains Off-Shore Support
Congress Barney Frank has gotten unexpected support from an unexpected source. The Caribbean Community (CARICOM) has expressed its support and appreciation for Frank’s efforts to pass a new online casino bill in the United States. Frank is heading a group of politicians that believe in the power of online gambling. The new proposal, titled the Internet Gambling Regulation and Enforcement Act, is aiming at regulating the industry and making online gambling legal in the US. The current bill, The Unlawful Internet Gambling Enforcement Act, affects many countries as it bans online gambling in America and makes it impossible for foreign firms to offer gambling to the American public.
The current situation led the United States into a legal battle at the World Trade Organization with Antigua and Barbuda claiming that the United States is violating its international trading agreements. Frank’s new proposal would help the United States meet the World Trade Organization demands and open the online gambling market for competition. Currently, Antigua is calling the U.S. Federal Reserve to stop enforcing the anti online gambling bill and claiming for annual trade sanctions of $3.4 billion. Antigua’s economy is based on foreign companies that enjoy their legal terms and operate from within the country. By causing these companies great losses, United States is responsible for the economic damage it caused – according to Antigua.
Practically speaking, Frank’s bill is a great opportunity for the United States. Instead of dealing with World Trade Organization sanctions and fees of up to $3.4 billion, the US could turn the online gambling industry into a money maker for the American economy, regulate the industry so responsible gambling is assured and all sides would win. Decision makers in the United States should give Frank’s proposal the attention it deserves and hopefully change the legal status of online gambling in America.