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Housing Addition To Frank Bill To Legalise U.s. Online
Gambling?
Unsourced reports suggest that Congressman Frank has
added an interesting new clause to his proposals
Several online gambling information sites are this week carrying
an unsourced and what appears to be largely speculative report on
a claimed affordable housing addition to the Frank proposal to legalise,
regulate and tax online gambling in the United States.
Congressman Frank, a Democrat who is chairman of the House Financial
Services Committee launched HR2046 the Internet Gambling Regulation
and Enforcement Act earlier this year (see previous InfoPowa reports)
and achieved widespread mainstream publicity for it when he held
hearings on the topic in June.
The experienced and savvy politician has carefully designed his
proposals to enhance their appeal to a wider range of political
opinion, emphasising the importance of regulation to protect American
players and exclude criminal activity, and the potential billions
of dollars in tax benefits inherent in legalisation.
The new additions are allegedly in the form of supplementary legislation
that offers the possibility of a billion-dollar bonus for affordable
housing. Frank, an advocate for halting home foreclosures currently
at an all-time high in America, is said to have added a clause that
would see a billion dollars placed into a fund to build affordable
housing.
The benefit would be complemented by profits from the Federal Home
Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage
Association (FNMA) and would go directly to local communities in
order to construct 1.5 million homes over the next decade. These
bodies are Government-sponsored but privately-owned enterprises
endorsed by the Government to authorise loans and loan guarantees.
The speculation is that the addition of the affordable housing
provision could militate against Frank's chances of building more
political support for HR 2046, although there is equal weight for
the opposite view that the addition may make an online gambling
regulatory bill more palatable to the dominant Democratic vote.
More clarity will undoubtedly emerge in the days ahead, as further
hearings of Frank's HR 2046 are scheduled for July 12.
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