Panel Explores Legalizing Net Gambling

The House Financial Services Committee Thursday held a hearing that was generally friendly toward Chairman Barney Frank's efforts to pass legislation that would regulate Internet gambling rather than banning it entirely. A 2006 law banned Internet gambling and also barred financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online gambling bets. Many of the witnesses testified that the best way to control Internet gambling is to legalize it, which will allow officials to license, regulate and tax online gaming.