Barney Frank's Payments System Protection Act has been voted through by the Financial Services Committee with 30 - 19 votes in favor of the bill. Great news for US players as this is a step forward for online poker to be legal, unless it is forbidden by state law like it is in Washington.
The bill was written to ensure that UIGEA regulations would not effect the bank systems or financial industry in the USA.
The Unlawful Internet Gambling Enforcement Act prevents banks and various financial institutes from processing transactions from illegal online gambling websites. The Federal Reserve and U.S. Treasury are looking for a way to accommodate regulations for the bill.
Frank stated that it makes no sense for U.S Congress to control they way Americans conduct their personal activities. People should have the right to make their own decisions without the government preventing them from doing so.
Spencer Bachus, fought back by saying that approving online gambling was like exposing children to casinos in their very own homes and could increases the risk of children growing up as an addictive gambler. He also pointed out was that credit cards could encourage US players to spend more than they could actually afford.