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On Wednesday, the House Financial Services Committee defeated HR 5767, a bill proposed by Barney Frank and Ron Paul that would have likely opened the door for the return of legalized and regulated online poker in the United States. Instead, it’s back to square one for the internet gambling industry, which must continue to navigate turbulent waters.

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Work on federal regulations to enforce an Internet gambling ban should stop, four lawmakers said in letters this week to Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson.

“Given the many other priorities that are pending at your agencies, including the mortgage crisis … we believe it would be imprudent for you to devote additional agency resources to this Sisyphean task,” the lawmakers wrote. Sisyphus was a king in Greek mythology who was condemned to repeatedly roll a huge boulder up a hill only to watch it roll down again.

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The banking industry is cheering a fresh assault on the 2006 federal crackdown on Internet gambling by an unlikely duo: House Financial Services panel Chairman Barney Frank (D-Mass.) and Rep. Ron Paul (R-Texas).

Frank has teamed up with the libertarian-minded Paul, who crusaded against big government during his recent White House bid, on legislation to block that law by forbidding federal officials from writing rules to implement it.

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Group Says Legislation Provides a Better Alternative than Outright Ban

Washington D.C. (DATE, 2007) – The Poker Players Alliance (PPA), a grassroots organization of more than 400,000 poker-playing members, supports House Financial Services Chairman Barney Frank’s introduction of sensible Internet gambling legislation.
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