by: Gene Koprowski.
A top Democratic lawmaker said this week he would push to pass legislation to repeal a three-year-old U.S. ban on Internet gambling that has hurt trade ties with the European Union.
"I'm going to be pushing it," House of Representatives Financial Services Committee Chairman Barney Frank told reporters at a press conference to spell out his agenda for reforming U.S. financial laws.
Labor on drafting the legislation should be completed this month, an aide to Frank, nicknamed "the banking queen," by radio host Rush Limbaugh, said.
Congress attempted in 2006 to halt online gambling in the U.S. by barring businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic fund transfers and checks.
European Internet gambling companies lost billions in market value after the Unlawful Internet Gambling Enforcement Act became law and they withdrew from the U.S. market.
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