President Bush hopes to force through law
Despite only having a few weeks left in office, the outgoing Bush administration look set to push through a controversial law reinforcing the ban on internet gaming in America.
With the Democratic president Barack Obama coming into office in January, moves are being taken by the Republican administration to strengthen the law prohibiting transactions on internet gaming websites such as online casinos.
At present, online gaming is illegal in America and requires banks to halt any transactions to online gaming organisations. Many financial experts, including representatives from the banks themselves, have said that this law is impractical, particularly because the law does not state a clear definition of online gaming.
Financial institutions have commented that to enforce the law, a great deal of resources needed to be focused on tracking where and to whom payments were going. They describe the current law as "unworkable".
As a result, the current President is hoping to pass a law which would state a clear definition of gaming, removing the ambiguity from the law and requiring banks to enforce the ruling. The ruling was reviewed by the White House budget office and is due to be published sometime in the next month for Congressional approval. A spokeswoman from the White House commented that "no regulations are being rushed" and that all were "getting the due diligence required."
Republican Barney Frank, Head of the Financial Services Committee, labelled the new online casino law a "burden," saying:
"This midnight rulemaking will tie the hands of the new administration, burden the financial services industry at a time of economic crisis and contradict the stated intent of the Financial Services Committee."
A spokesperson from the online casino industry echoed his frustration at the proposed law, claiming it was reckless for the Bush administration to force through a half-finished bill in its final days in office. In a statement, he said:
"It is irresponsible for the Bush administration to rush through a fundamentally flawed regulation that even representatives from the Treasury Department and Federal Reserve have stated on record is unworkable."