House in stalemate over Internet gambling amendment
The House Financial Services Committee, voting 32-32, failed to pass legislation that would require regulators to develop standard definitions of the types of Internet gambling that are illegal. Groups representing the financial services industry sent letters to lawmakers in support of the Payments System Protection Act, H.R. 5767, and an amendment sponsored by Rep. Peter King, R-N.Y. "I wish to be clear that we do not support the notion that financial services companies should be deputized to police gambling activity in any form or function," wrote Steve Bartlett, president and CEO of the Financial Services Roundtable. "While we would support the passage of H.R. 5767 as introduced, I agree that the King Amendment makes essential improvements to a deeply flawed law and therefore support its inclusion."
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This story published in The Financial Services Roundtable SmartBrief on 06/26/2008
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