"The Payments System Protection Act of 2008" (H.R. 6870), in its short existence, has already accomplished more than its previous incarnation, the original "Payment Systems Protection Act," successfully escaping committee and heading to the floor of the House for discussion.

H.R. 6870 is U.S. Congressman Barney Frank's most recent attempt to hem the 2006 Unlawful Internet Gambling Enforcement Act in order to help America's ailing financial Institutions. If passed, the new law will ensure that the UIGEA only be used on activities that have already been found to be unlawful (i.e. sports betting) and will not target other types of online gaming. The law will also tap the U.S. Treasury and the Federal Reserve with the responsibility of determining what is presently legal and what is not.

"The Payments Systems Protection Act of 2008" cleared the House Financial Services Committee (which Frank chairs) by a vote of 30 to 19.

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