The Lamp

Where truth can be shared.

‘Frank’ Disagreement Over Online Gambling

Posted by thelamp on March 24, 2007

U.S. Rep. Barney Frank, D-Mass., informed several news outlets last week that he plans to introduce legislation to roll back the federal ban on Internet gambling. Outrageous!

Last year, Congress passed and President Bush signed the Unlawful Internet Gambling Enforcement Act, a prohibition on Internet gaming Web sites. This law outlaws financial gaming transactions, effectively making it illegal for American citizens to gamble online – even if the servers running the gambling site are located in another country. The Center for Moral Clarity supports this ban, and Pastor Rod Parsley, CMC’s founder and president, has urged President Bush to oppose the expansion of gambling – whether it is on the Internet, through state lotteries or the introduction of table games at race tracks.

“Gambling hurts families. It’s addictive and a misuse of important resources that could be better spent on debt reduction, education or even family-friendly recreation,” said Pastor Rod Parsley. “As a pastor, I’ve counseled people who were addicted to this awful habit and I can tell you, like pornography or drugs, it is something that can tear a family apart.”

So what’s Frank’s problem with the Internet gambling ban? It was too successful. The immediate impact of this legislation on offshore operators was overwhelming: online gaming businesses listed on the London stock exchange lost more than $7 billion in market capitalization in a single day – the day after Congress passed the bill.

In an interview with the Financial Times, Frank described the ban as “preposterous” and said it was one of the “stupidest” pieces of legislation ever passed.

The president and his administration are now tasked with ensuring strong and effective implementation of the law’s regulations. U.S. prosecutors have launched a probe into Internet gambling. The U.S. Department of Justice has demanded information from some of the world’s biggest investment banks as part of the investigation.

Yet Frank, chairman of the House Financial Services Committee, wants to halt the progress. Clearly, there’s no reason to turn back now.

Source:  www.centerformoralclarity.net

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