Don’t get me wrong – I detest the credit card industry. I despise their “unfair and deceptive” business practices and I’m glad to see they are recently facing a major backlash from consumers and the Federal government. Recent news suggests that the lock they’ve had on the U.S. Congress may be loosening.

That said, the enemy of my enemy is my friend, and in the battle against the online gambling ban, the credit card companies just might be the best friend U.S. sports bettors have. Rep. Barney Frank yesterday introduced legislation to force the Federal government to clarify the ambiguous law that requires the U.S. payment processing companies to make a legal determination for each payment they process as to whether or not it constitutes an illegal gambling transaction. They stand to face serious consequences if later Congress disagrees with their evaluation. Here is a press release from The Safe and Secure Internet Gambling Initiative about the Payments System Protecton Act of 2008:

House Committee on Financial Services Chairman Barney Frank (D-Mass.) today introduced the Payments System Protection Act of 2008, which would direct the Department of the Treasury and Federal Reserve System, in consultation with the Attorney General, to create a formal process to define what types of online gambling are unlawful to make it possible for the U.S. financial services industry to comply with the current ban on Internet gambling, as required by the Internet Gambling Enforcement Act of 2006, or UIGEA. In response to concerns raised by the financial services industry about the burden and ambiguity in the proposed rules to implement UIGEA, the bill would require federal regulators to appoint a special Administrative Law Judge to define unlawful Internet gambling activities and conduct an economic impact study on the costs for compliance.

The credit card companies, through their various trade associations, have come out swinging in support of this important legislation. Representatives of the U.S. financial services industry, including the Chamber of Commerce, The Financial Services Roundtable, Credit Union National Association, and National Association of Federal Credit Unions, have pledged their full support of the Payments System Protection Act in several letters to Rep. Barney Frank and members of the Financial Services Committee. “I wish to be clear that we do not support the notion that financial services companies should be ‘deputized’ to police gambling activity in any form or function,” wrote Mr. Steve Barlett, president and CEO of The Financial Services Roundtable on June 23, 2008.

If you support the efforts of these lawmakers to restore your freedom as an American citizen to bet on sports online, it’s time to take some action. The Safe and Secure Gambling Initiative provides an easy way for citizens to express their support for regulated internet gambling to their elected representatives.

From their website:

The Safe and Secure Internet Gambling Initiative promotes the freedom of individuals to gamble online with the proper safeguards to protect consumers and ensure the integrity of financial transactions.

Additionally, the Initiative is a resource for information about legislation to regulate Internet Gambling and provides individuals, organizations and companies the opportunity to support the legislation and engage their elected officials.

It’s fast easy and informative, and I strongly recommend everyone reading this blog take a moment to sign up and let your voice be heard.