WASHINGTON (5/20/10)--Rep. Barney Frank (D-Mass.) on Wednesday said that his Financial Services Committee will act on H. R. 2267, the Internet Gambling Regulation Consumer Protection & Enforcement Act. That legislation, which was introduced by Frank and currently has 69 cosponsors, would give the U.S. Treasury the authority to license internet gambling operators to accept bets and wagers from U.S. citizens and to create regulations for those gambling operators. In a prepared statement submitted during a Wednesday House Ways and Means committee hearing on internet gambling, Frank said that enacting the legislation would bring the gambling industry “out of the shadows, benefit consumers and ensure that all of the revenue does not continue to exclusively benefit offshore operators.” The bill would also result in billions in currently uncollected taxes, Frank added. Similar legislation introduced by Rep. Jim McDermott would legalize many forms of online gambling and collect taxes on both winnings and on gambling account deposits. McDermott’s bill, the Internet Gambling Regulation and Tax Enforcement Act, would redirect 25% of those tax proceeds into foster care programs and could generate as much as $30 billion in funds for States and $41 billion in funds for the federal government. The Unlawful Internet Gambling Enforcement Act (UIGEA), which will become effective on June 1, will require credit unions and other financial institutions to establish and implement policies and procedures to identify and block restricted Internet gambling transactions, or rely on those procedures established by the payments system.