By Joe Zusman | March 13, 2008

Congressman Barney Frank (D-MA), chairman of the House Financial Services Committee, and perhaps the leading Congressional proponent of online gambling regulation, has schedule a third hearing regarding the matter.Slated for early April, the hearing will address the current proposed UIGEA regulations.

The regulations have received criticism for their ambiguity, as they do not attempt to differentiate legal from illegal internet gambling.Opponents of the regulations feel that they put undue burden the financial institutions, which will be responsible for enforcement.If banks, credit card companies, and the like decide to just block any transaction that even remotely looks like “illegal” internet gambling, they will likely block many perfectly legitimate transactions.The hearing will explore the possible burden on banks and the feasibility of enforcement.

"The banks have a lot of other things to worry about right now," said Frank. "I don't think poker should be one of them."

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