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PRESS RELEASE

For Immediate Release
Contact: (202) 589-2427
Ann Patterson, (202) 589-2448

Leigh Williams Testifies on Unlawful Internet Gambling

Washington, D.C. – April 2, 2008 – Leigh Williams, President of BITS, a division of The Financial Services Roundtable, testified before the Subcommittee on Domestic and International and Monetary Policy of the House of Representatives Committee on Financial Services on the proposed rule on “Prohibition on Funding of Unlawful Internet Gambling.” His testimony included comments on how the proposed rule by the Treasury Department and Federal Reserve Board would affect the financial services industry.

“The proposed rule could impose significant compliance burdens on financial services institutions and further expand financial services industry’s role in law enforcement.” Williams stated in his testimony. “We need clearer definitions of the role of financial services in this area and to better understand the expectations of financial regulators and law enforcement agencies.”

The proposed rule implements provisions of the Unlawful Internet Gambling Enforcement Act of 2006. The Roundtable and BITS previously submitted a comment letter in December 2007, citing concerns that the statute and rule contain ambiguous compliance requirements that could be subject to wide variations in interpretation by regulators and law enforcement.

Please click here for full testimony text.

The Financial Services Roundtable represents 100 of the largest integrated financial services
companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $65.8 trillion in managed assets, $1 trillion in revenue, and 2.4 million jobs. BITS is the technology division of the Roundtable, leveraging intellectual capital to address issues at the intersection of financial services, operations and technology. BITS focuses on strategic issues where industry cooperation serves the public good, such as critical infrastructure protection, fraud prevention, and the safety of financial services.

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