Will Federal Banking Regulations Force Online Casinos to Fold?
Until recently, online casinos operated outside of the reach of the United States Government. Now, in an innovative effort at law making, Congress has charged banks and other financial institutions with preventing the operation of online casinos in the US market. By requiring banks to shun transactions from gambling sites, Congress hopes to cut off the interaction between sites and their customers on US soil. Whether this will be successful is unknown. This discussion will explore what the new regulations will do to both the banking and gaming industries. More importantly it will examine whether this is an appropriate and acceptable form of law enforcement. Will this law overburden banks by making them the agents of the federal government, or will it be an easy to incorporate standard that will make banks more secure? Should online gambling be outright prohibited in the United States or should Congress merely regulate and tax this activity? These and many other questions will be explored during the lecture.
Speakers include:
Steve Verdier, Senior Vice President and Director of Congressional Relations Group for the Independent Community Bankers of America
Houman Shadab, Senior Research Fellow, Mercatus Center Regulatory Studies Program
Michael Borden, Office of Congressman Jim Leach
Moderated by: Gavin Young, Counsel for the Senate Judiciary Committee.
Duration : 0:28:33
