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[FL] Response from Rep. Tom Feeney [FL-24] (07/17/08) - Upload a Document to Scribd

Read this document on Scribd: [FL] Response from Rep. Tom Feeney [FL-24] (07/17/08)

Thank you for your views on internet gambling. I appreciate hearing from you and welcome the opportunity to respond. As you know, internet gambling has become an extremely lucrative business and is now estimated to be a $12 billion industry, with approximately $6 billion coming from bettors based in the United States alone. Internet gambling is an industry which not only has the potential to hurt individuals but their families as well. In addition, internet gambling drains the US economy of billions of dollars and serves as a vehicle for money laundering. While I understand that there are some Americans who enjoy and are successful with their internet gambling efforts, I believe that it is a growing problem that must be addressed. In the 109th Congress, I co-sponsored a bill introduced by Rep. Bob Goodlatte. This bill, the Internet Gambling Prohibition Act (H.R. 4777), would have prohibited the operation of gambling business over the internet. One major problem with internet gambling is the inherent threat it poses to identity protection. When an online gambler provides his or her credit card information to place a bet, that information becomes much easier for hackers and unscrupulous website operators to obtain and disseminate. Currently in the 110th Congress, the House Committee on Financial Services Chairman, Barney Frank (D-MA), introduced two pieces of legislation about internet gambling, H.R. 2046 and H.R. 5767. H.R. 2046 will amend federal law governing monetary transactions by establishing an Internet Gambling Licensing Program, and H.R. 5767 will prohibit the Secretary of the Treasury and the Federal Reserve from proposing, prescribing, or implementing any regulation that would prohibit the acceptance of a financial instrument for unlawful internet gambling. Additionally, Rep. Robert Wexler has introduced H.R. 2610 which would amend federal criminal law to allow individual players to gamble against each other in games of skill, such as poker, chess, bridge, or mahjong, as opposed to games of chance where a player essentially challenges the operator. Most of these legislative efforts fail to address the inherent social and economic impact of internet gambling. They merely place regulations and fines on an activity that is inherently problematic. Only when we can effectively and efficiently address the identity security issues associated with internet gambling should we begin to discuss further regulation or licensing. I assure you that I will continue to monitor the current legislation as it passes through the Financial Services committee. Thank you again for contacting me and I encourage you to visit my website at www.house.gov/feeney for more information on issues affecting Central Florida and our nation. While you visit the website, please click on “Tom’s Blog” to join your neighbors in a discussion on current news and legislative issues. If I may be of further assistance, please do not hesitate to call my offices in Washington, DC and Florida. Sincerely, TOM FEENEY Member of Congress 24th District, Florida