Congressman Frank to push repeal of online gambling ban

House Financial Services Committee Chairman Barney Frank (D-MA) will push legislation this year to repeal a US ban on Internet gambling that has hurt trade ties with the European Union. Supporters of the ban argued offshore Internet gambling websites take billions of dollars out the U.S. economy, damage families and serve as vehicles for money laundering. The law cost Europe's online gambling companies billions in lost market value as they were forced to retreat from one of their most lucrative markets. It barred businesses from knowingly accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic fund transfers and checks.