The business federation, which represents more than three million companies and organizations, has joined a growing list of trade associations that oppose parts of the Internet Gambling Prohibition and Enforcement Act.
As reported by Dow Jones Newswires, the U.S. Chamber of Commerce said the Internet Gambling Bill would impose a “substantial regulatory burden” on financial institutions. In a July 28 letter, the U.S. Chamber said it wasn\’t taking a position on internet gambling. However, the Chamber warned obliging companies that to investigate whether non-coded financial transactions are related to internet gambling, could “require substantial changes to the system by which such instruments are processed.”
“Clearly, the costs of these changes would be significant,” the Chamber said. “We are writing to strong urge the Senate to amend this legislation to clarify with certainty that the bill will not require financial institutions to block non-coded transactions.”
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