[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6870 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6870

To ensure that implementation of proposed regulations under subchapter 
 IV of chapter 53 of title 31, United States Code, does not cause harm 
            to the payments system, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 11, 2008

   Mr. Frank of Massachusetts (for himself and Mr. King of New York) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To ensure that implementation of proposed regulations under subchapter 
 IV of chapter 53 of title 31, United States Code, does not cause harm 
            to the payments system, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Payments System Protection Act of 
2008''.

SEC. 2. PROHIBITION.

    The Secretary of the Treasury and the Board of Governors of the 
Federal Reserve System, whether acting jointly or separately, may not 
propose, prescribe, or implement any regulation under subchapter IV of 
chapter 53 of title 31, United States Code, or otherwise give effect to 
such subchapter or any such regulation, including the proposed 
regulations published in the Federal Register on October 4, 2007, 
except to the extent as any such regulation pertains to wagering of the 
type that is prohibited (as of the date of the enactment of this Act) 
under chapter 178 of title 28, United States Code (relating to 
professional and amateur sports protection) or except as provided in 
section 3.

SEC. 3. RULEMAKING TO IMPLEMENT SUBCHAPTER ON PROHIBITION ON FUNDING OF 
              UNLAWFUL INTERNET GAMBLING AND DEFINE UNLAWFUL INTERNET 
              GAMBLING.

    (a) In General.--Notwithstanding section 2, the Secretary of the 
Treasury and the Board of Governors of the Federal Reserve System, in 
consultation with the Attorney General, shall jointly develop and 
implement regulations (which the Secretary and the Board jointly 
determine to be appropriate), on the record after opportunity for 
agency hearing involving an administrative law judge or similar 
official, under subchapter IV of chapter 53 of title 31, United States 
Code, that shall include a definition of the term ``unlawful Internet 
gambling'' for purposes of such subchapter and such regulations, after 
conducting a full economic impact study of the proposed regulations 
under chapter 6 of title 5, United States Code (commonly referred to as 
the ``Regulatory Flexibility Act'').
    (b) Coordination With Prohibition.--Upon the effective date of 
final regulations under subsection (a), section 2 shall cease to apply.
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