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New Study Shows Major Damage Caused by UIGEA |
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Sunday, 30 March 2008 |
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A study published last week showed just how much damage the UIGEA has had on the American economy – certainly much wider than was previously thought. The Competitive Enterprise Institute’s study, entitled Time to Fold the Unlawful Internet Gambling Enforcement Act declares that the law does not have much to do with gambling and instead threatens the smooth operation of the United States’ banking institutions. “UIGEA and its currently proposed enabling regulations will undermine the financial privacy of all Americans and reduce the security of their bank accounts. In short, it makes almost no financial, social, or economic sense,” said Eli Lehrer, the author of the study. “The law has very little to do with gambling and serves as a poorly thought-out banking regulation fraught with potentially perverse incentives. Quite simply, it is a bad law. Repealing it makes sense.”
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