Frank calls for repeal of net gambling law, coordinated US-EU regs

Calling an online gambling ban "one of the stupidest things I ever saw," Rep. Barney Frank called today for a lift on the ban, but said it was too early for concrete steps, The Associated Press reports.

"I want to get it undone. I plan to file legislation," Barney said. ... I think a reconsideration among my colleagues is beginning," he said. "It's not far enough along yet so I wouldn't move the bill but I plan to introduce the bill and if (the) storm of public unhappiness is great enough, I will try to substantially revise that ban."

The Unlawful Internet Gambling Enforcement Act was passed in October and in a twinkling of an eye changed the Internet gambling environment. British Sportingbet PLC and Leisure & Gaming PLC sold their U.S. operations.

The law prevents U.S. banks and credit-card companies from processing payments to online gambling businesses outside the United States.

Just a few weeks ago, the World Trade Organization said another set of US regulations unfairly targeted offshore casinos in Antigua and Barbuda. The Geneva-based trade referee said Washington can maintain restrictions on online gambling as long as its laws are equally applied to American operators offering remote betting on horse racing.

Frank applauded German Chancellor Angela Merkel's call to improve trans-Atlantic trading ties and better coordinate rules between the US and the EU.

"The response you often get is: 'If you do this, we will leave.' The mobility of capital gives them both in real terms and politically a great weapon," he said. "If you could get some kind of policy coordination on a trans-Atlantic basis; if you could diminish that threat ... you are talking about a pretty big chunk of the world, and that's a place to start."