New legislation, by Representative Jim Leach (Republican Iowa), was added to an unrelated bill on port security and passed by Congress. The President is expected to sign a new law criminalizing the use of credit card or online payment systems for internet betting. The law effectively bars online gambling companies from operating legally in the United States. Furthermore, it threatens new criminal liability against companies who assist online gambling operations. The bill requires the Treasury Department and the Federal Reserve to put procedures in place to bar transactions with online gambling companies within 270 days.
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Bridgette Raes
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