Details soon on online gambling ban
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WASHINGTON (Reuters) - Rep. Barney Frank said on Thursday
he will give details in the coming weeks on possible
legislation to repeal a ban imposed last year on online
gambling.
In an interview, the chairman of the House of Representatives
Financial Services Committee said he is in no hurry
and plans to consult with others on the matter.
"I'm not ready to give you more details, but I
will be by next week or so. We'll talk more about it
later. There's no urgency on it," he said.
Internet gambling in the United States was effectively
banned last October when President George W. Bush signed
legislation outlawing gaming financial transactions.
A spokesman for the Massachusetts Democrat said on
Wednesday Frank was considering legislation to repeal
the ban but had not drafted a bill and had no timetable
for action.
The ban has hammered the stocks of online gambling
companies such as Britain's PartyGaming Plc.
PartyGaming shares jumped sharply on Frank's remark
on Wednesday but gave back gains on Thursday to close
down almost 5 percent at 40-3/4 pence on the London
Stock Exchange.
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, according to banking
sources.
