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Bad news for bettors!
It could be rocky Waters ahead!
U.S. Congressman Barney Frank made news this week when he announced he won't seek re-election and will retire at the end of his current two-year term, which expires on December 31, 2012.
The news was of particular interest to those in the online gambling community, as Frank has been the leading proponent among elected government officials for the legalization of online gambling in the U.S.
He wasn't just a proponent though.
He was the ranking Democratic member of one of the House of Representatives most powerful committees--the House Financial Services Committee, which oversees the country's banking and credit card systems and makes laws regulating them.
And because the banking and credit card industries donated lots of money to Frank's multiple re-election campaigns over the years, Frank does their bidding, including supporting legalization of online gambling because it would make money for credit card companies and the banks that issue credit cards.
So when Frank retires, who will be in line to become the ranking Democrat on the committee, and also the chairman of the committee, should the Democrats retake control of Congress?
None other than controversial California congresswoman Maxine Waters, who currently is the second-ranking Democratic member on the House Financial Services Committee.
Forget that Waters, who is black, refused to publicly condemn the mostly black looters who rioted, pillaged and burned parts of Los Angeles in 1992 to protest the acquittal of four L.A. cops whose beating of Rodney King was captured on videotape.
Also forget that the wacky Waters called the looters' actions "understandable" and "acceptable."
How does she feel about online gambling, that's what the readers of Gambling911.com care about.
So Gambling911.com examined her record, and it ain't good.
In 2003, when the U.S. House of Representatives first passed a bill making it illegal for credit cards to be used to fund online gambling, Waters voted in favor of the bill (Frank voted against it).
But because the same bill couldn't get approved by the U.S. Senate that year, the legislation died on the vine and never became law.
Three years later, in 2006, the bill was revived, this time as part of a larger bill involving port security in the U.S.
The connection between port security and online gambling?
Terrorists, the thinking went, could launder money through online gambling sites.
With the credit card/online gambling provision of the port security bill now known as the Unlawful Internet Gambling Enforcement Act or UIGEA, the bill was voted on in late 2006 and was passed by both the House of Representatives and the Senate.
Waters voted in favor of the bill, Frank opposed it.
So next year, when staunch supporter of online gambling Barney Frank retires, he is to be replaced on the all-powerful House Financial Services Committee by a staunch opponent of online gambling, Maxine Waters.
That won't be a good development for those who wish to see online gambling legalized in the U.S.
In fact, some will see it as disastrous.
Frank says he's retiring because he's 71 years old and it's time to go.
Supporters of online gambling can only hope that Waters, who is two years older, takes the hint.
By Tom Somach
Gambling911.com Staff Writer
