HOUSING ADDITION TO FRANK BILL TO LEGALISE U.S. ONLINE GAMBLING?

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Unsourced reports suggest that Congressman Frank has added an interesting new clause to his proposals

Several online gambling information sites are this week carrying an unsourced and what appears to be largely speculative report on a claimed affordable housing addition to the Frank proposal to legalise, regulate and tax online gambling in the United States.

Congressman Frank, a Democrat who is chairman of the House Financial Services Committee launched HR2046 the Internet Gambling Regulation and Enforcement Act earlier this year and achieved widespread mainstream publicity for it when he held hearings on the topic in June.

The experienced and savvy politician has carefully designed his proposals to enhance their appeal to a wider range of political opinion, emphasising the importance of regulation to protect American players and exclude criminal activity, and the potential billions of dollars in tax benefits inherent in legalisation.

The new additions are allegedly in the form of supplementary legislation that offers the possibility of a billion-dollar bonus for affordable housing. Frank, an advocate for halting home foreclosures currently at an all-time high in America, is said to have added a clause that would see a billion dollars placed into a fund to build affordable housing.

The benefit would be complemented by profits from the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Association (FNMA) and would go directly to local communities in order to construct 1.5 million homes over the next decade. These bodies are Government-sponsored but privately-owned enterprises endorsed by the Government to authorise loans and loan guarantees.

The speculation is that the addition of the affordable housing provision could militate against Frank's chances of building more political support for HR 2046, although there is equal weight for the opposite view that the addition may make an online gambling regulatory bill more palatable to the dominant Democratic vote.

More clarity will undoubtedly emerge in the days ahead, as further hearings of Frank's HR 2046 are scheduled for July 12.